Inflation rate rises to 11.40% in May – NBS

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The rate of general increase in prices of goods and services in Nigeria for the Month of May 2019, inflation rate, rose by 11.40 per cent (year-on-year) in May 2019 according to the National Bureau of Statistics report on inflation. According to the report “This is 0.03 per cent points higher than the rate recorded in April 2019 (11.37 percent). Increases were recorded in all 12 Classification of Individual Consumption byPurpose COICOP divisions, that yielded the Headline index. On month-on-month basis, the Headline index increased by 1.11 percent in May 2019. This is 0.17 percent rate higher than the rate recorded in April 2019 (0.94 percent).
NBS said in the report “The percentage change in the average composite CPI for the twelve months period ending May 2019, over the average of the CPI for the previous twelve months period was 11.30 per cent, 0.01 per cent points from 11.31 per cent recorded in April 2019. The urban inflation rate increased by 11.76 per cent (year-on-year) in May 2019 from 11.70 per cent recorded in April 2019, while the rural inflation rate increased by 11.07 per cent in May 2019 from 11.08 per cent 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 report further said “The corresponding twelve-month year-on-year average percentage change for the urban index was 11.66 per cent in May 2019. This is less than the 11.69 per cent reported in April 2019, while the corresponding rural inflation rate in May 2019 is 10.99 per cent compared to 11.00 per cent recorded in April 2019. The composite food index rose by 13.79 per cent in May 2019 compared to 13.70 per cent 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 twelve-month period ending May 2019 over the previous twelve-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 highest increases were recorded in prices of Domestic and household services, Tobacco, Actual and imputed rentals for housing, Medical, Dental and Hospital services, Cleaning, repair and hire of clothing, Repair and hire of footwear and Repair of household appliance. The average 12-month annual rate of change of the index was 9.77 percent for the twelve-month period ending May 2019; this is 0.14 percent points lower than 9.91 percent recorded in April 2019.
In May 2019, all items inflation on year on year basis was highest in Kebbi (15.76%), Bauchi (14.97%) and Kaduna (13.74%), while Abia (9.91%), Cross River (9.68%) and Kwara (8.45%) recorded the slowest rise in headline Year on Year inflation. On month on month basis however, May 2019 all items inflation was highest in Bauchi (1.76%), Gombe (1.69%) and Niger (1.65%), while Kogi (0.59%), Benue (0.48%) recorded the slowest rise with Kwara recording food price deflation or negative inflation (general decrease in the general price level of goods and services or a negative inflation rate). In May 2019, food inflation on a year on year basis was highest in Kaduna (17.10%), Kebbi (18.90%) and Gombe (16.90%), while Kogi (11.80%), Rivers (11.70%) and Abia (10.90%) recorded the slowest rise. On month on month basis however, May 2019 food inflation was highest in Kano (2.39%), Gombe (2.33%) and Kaduna (2.27%), while Kogi (0.68) and Benue (0.24%) recorded the slowest rise with Kwara recording food price deflation or negative inflation (general decrease in the general price level of goods and services or a negative inflation rate).

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