INFLATION RATE HITS 11.4%
The Consumer Price Index, which measures inflation rate, rose from 11.37 per cent in April to 11.4 per cent in May, figures released by the National Bureau of Statistics revealed. The NBS in its CPI report, which was released on Monday, stated that the country recorded a 0.03 percentage increase in year-on-year inflation. This is the third consecutive month that the country would be recording an increase in the consumer price index.
The CPI had risen from 11.25 per cent in the month of March to 11.37 per cent in April before hitting 11.4 per cent in the month of May. The report read in part, “The consumer price index, which measures inflation, increased by 11.40 per cent year-on-year in May 2019. “This is 0.03 per cent points higher than the 11.37 per cent rate recorded in April 2019.
“On a month-on-month basis, the headline index increased by 1.11 per cent in May 2019. This is a 0.17 per cent rate higher than the 0.94 per cent recorded in April 2019. “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, 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 11.7 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 per cent in May 2019, up by 0.15 points from one per cent recorded in April 2019, while the rural index also rose by 1.07 per cent in May 2019, up by 0.17 from the rate recorded in April 2019.
The report said food index rose by 13.79 per cent in May 2019 compared to 13.7 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,” it added.
In terms of state inflation profile, the report said price increases were highest in Kebbi (15.76 per cent), Bauchi (14.97 per cent) and Kaduna (13.74 per cent), while Abia (9.91 per cent), Cross River (9.68 per cent) and Kwara (8.45 per cent) recorded the slowest rise in headline year-on-year inflation.