Nigeria’s Inflation Rises to 11.40% in May as Food Index Jumps to 13.79%
By Modupe Gbadeyanka
The National Bureau of Statistics (NBS) has said the consumer price index (CPI), which measures inflation, increased in the month of May 2019 by 11.40 percent (year-on-year) from 11.37 percent recorded in April 2019, representing 0.03 percent rise.
According to the stats office, increases were recorded in all COICOP divisions that yielded the headline index, while on month-on-month basis, the headline index increased by 1.11 percent in May 2019, 0.17 percent rate higher than the rate recorded in April 2019, which stood at 0.94 percent.
The NBS said the percentage change in the average composite CPI for the 12 months period ending May 2019, over the average of the CPI for the previous twelve months period was 11.30 percent, 0.01 percent points from 11.31 percent recorded in April 2019.
The urban inflation rate increased by 11.76 percent (year-on-year) in May 2019 from 11.70 percent
recorded in April 2019, while the rural inflation rate increased by 11.07 percent in May 2019 from 11.08 percent in April 2019.
On a month-on-month basis, the urban index rose by 1.15 percent in May 2019, up by 0.15 points from 1.00 percent recorded in April 2019, while the rural index also rose by 1.07 percent in May 2019, up by 0.17 from the rate recorded in April 2019 (0.90 percent).
The corresponding twelve-month year-on-year average percentage change for the urban index was 11.66 percent in May 2019. This is less than the 11.69 percent reported in April 2019, while the corresponding rural inflation rate in May 2019 is 10.99 percent compared to 11.00 percent recorded in April 2019.
Meanwhile, in the month under review, the food index rose to 13.79 percent from 13.70 percent in April.
The stats office explained that increase in the food index was caused by rise in prices of meat, oils and fats, bread and cereals, potatoes, yams and other tubers, fish, milk, cheese and egg and vegetables.