WED, JUN 17 2020-theG&BJournal-Nigeria’s Inflation rose 0.06 percent higher from 13.34%- in April to 12.40% in May 2020, the National Bureau of Statistics (NBS) office said Wednesday.
The month-on-month headline index increased by 1.17 percent in May 2020, this is 0.15 percent rate higher than the rate recorded in April 2020 (1.02) percent, and the steepest pace of price growth since July 2017.
Core inflation, which excludes the prices of volatile agricultural produce stood at 10.12 percent in May 2020, up by 0.14 percent when compared with 9.98 percent recorded in April 2020.
According to the statistics office, urban inflation rate increased by 13.03 percent (year-on-year) in May 2020 from 13.01 percent recorded in April 2020, while the rural inflation rate increased by 11.83 percent in May 2020 from 11.73 percent in April 2020.
On a month-on-month basis, the urban index rose by 1.18 percent in May 2020, up by 0.12 points from 1.06 percent recorded in April 2020, while the rural index also rose by 1.16 percent in May 2020, up by 0.18 points from the rate recorded in April 2020 (0.90 percent).
The corresponding twelve-month year-on-year average percentage change for the urban index is 12.36 percent in May 2020. This is higher than 12.26 percent reported in April 2020, while the corresponding rural inflation rate in May 2020 is 11.26 percent compared to 11.20 percent recorded in April 2020.
The composite food index rose by 15.04 percent year on year in May 2020 compared to 15.03 percent in April 2020, driven by increases in prices of Bread and cereals, Potatoes, Yam and other tubers, Oils and fats, Fruits, Fish and Meat.
The average annual rate of change of the Food sub-index for the twelve-month period ending May 2020 over the previous twelve-month average was 14.33 percent, 0.11 points from the average annual rate of change recorded in April 2020 (14.22 percent).
On month-on-month basis, the food sub-index increased by 1.42 percent in May 2020, up by 0.24 percent points from 1.18 percent recorded in April 2020.
In May 2020, all items inflation on year on year basis was highest in Rivers (14.69%), Bauchi (14.91%) and Ebonyi, Kogi and Plateau (13.87%), while Benue (11.13%), Adamawa (11.10%) and Kwara (10.58%) recorded the slowest rise in headline Year on Year inflation.
On month on month basis however, May 2020 all items inflation was highest in Bayelsa (2.33%), Delta (2.03%) and Ebonyi (2.00%), while Oyo (0.48%), Akwa Ibom (0.47%) and Zamfara (0.35%) recorded the slowest rise in headline month on month inflation.
In May 2020, food inflation on a year on year basis was highest in Abuja (18.13%), Osun (17.40%) and Imo (17.13%), while Abia (13.46%), Bauchi (12.97%) and Kaduna (12.97%) recorded the slowest rise.
On month on month basis however, May 2020 food inflation was highest in Ebonyi (3.43%), Bayelsa (3.21%) and Edo (2.74%), while Zamfara (0.22) and Abia (0.21%) recorded the slowest rise with Akwa Ibom recording price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).
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