18 June 2019

Nigeria: Inflation Rate Rises to 11.40% in May - NBS

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Inflation rate increased by 11.40 percent in May, 2019, being 0.03 percent points higher than the 11.37 percent rate recorded in April, 2019.

The Consumer Price Index (CPI) released, yesterday, by the National Bureau of Statistics (NBS) showed that the highest increases were recorded in prices of domestic and household services, tobacco, actual and imputed rentals for housing, and medical, dental and hospital services.

The report showed that cleaning, repair and hire of clothing, repair and hire of footwear and repair of household appliance also saw spikes in prices.

On month-on-month basis, the inflation rate increased by 1.11 percent in May 2019, being 0.17 percent rate higher than the 0.94 percent recorded in April, 2019.

Analysis showed that 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 12 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 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).

Daily Trust observed that the corresponding 12-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.

The composite food index rose by 13.79 percent in May 2019 compared to 13.70 percent in April 2019.

This rise in the food index was caused by increases in prices of meat, oils and fats, bread and cereals, potatoes, yam and other tubers, fish, milk, cheese and egg, and vegetables.

On month-on-month basis, the food sub-index increased by 1.41 percent in May 2019, up by 0.27 percent points from 1.14 percent recorded in April 2019.

The average annual rate of change of the Food sub-index for the 12-month period ending May 2019 over the previous 12-month average was 13.37 percent, 0.03 percent points from the average annual rate of change recorded in April 2019 (13.34 percent).

The "All items less farm produce" or Core inflation, which excludes the prices of volatile agricultural produce stood at 9.0 percent in May 2019, down by 0.3 percent when compared with 9.3 percent recorded in April 2019.

On month-on-month basis, the core sub-index increased by 0.75 percent in May 2019. This was up by 0.05 percent when compared with 0.70 percent recorded in April 2019.

The average 12-month annual rate of change of the index was 9.77 percent for the 12-month period ending May 2019; this is 0.14 percent points lower than 9.91 percent recorded in April 2019.

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