MON, JUNE 17 2019-theG&BJournal- The National Bureau of Statistics (NBS) today published the May 2019 inflation report, showing that Nigeria’s headline consumer price (CPI) index expanded for the second consecutive month.
According to the NBS, the consumer price index, (CPI) which measures inflation increased by 11.40 percent (year-on-year) in May 2019. This is 0.03 percent points higher than the rate recorded in April 2019 (11.37 percent).
Analysts at Cordros Securities reckon that the reading was marginally higher than their estimate (11.38% y/y) by 2 bps but was 2 bps lower than Bloomberg consensus average of 11.42%.
Increases were recorded in all 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).
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 percent, 0.01 percent points from 11.31 percent recorded in April 2019.
Food inflation rose by 13.79% y/y in the review period, a sharper increase relative to 13.70% y/y recorded in April. Notably, the highest increases were recorded in the prices of Meat, Fish, Oils and fats, Bread and cereals, Milk, Cheese and Egg, Potatoes, Yam and other tubers. On a month-on-month basis, food inflation increased faster by 1.41%, relative to the 1.14% recorded in the previous month.
Core inflation further tapered to 9.0% y/y (vs. 9.3% in April). The highest increases were recorded in the prices of Medical and Dental services, Hospital services, Rent for housing, Cleaning, Repair, and Hire of Clothing, Tobacco, and Major household services. On m/m basis, the core index increased by 0.75%, 5 bps higher than 0.70% reported in April.
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