EHIME ALEX, Lagos
Nigeria’s headline inflation rose to 12.40 per cent year-on-year in the month of May 2020, the National Bureau of Statistics has disclosed.
In the consumer price index (CPI) data released on Wednesday, NBS stated that the figure represents a 0.06 per cent points higher than the rate of 12.34 per cent recorded in April 2020.
Analysis of the data showed that increases were recorded in all parameters that yielded the headline index.
It said, on month-on-month basis, inflation increased to 1.17 per cent or by 0.15 per cent in review month, relative to 1.02 per cent recorded in April 2020.
NBS’ data indicated that urban inflation rate increased to 13.03 per cent year-on-year in May 2020 from 13.01 per cent recorded in April 2020, while the rural inflation rate increased to 11.83 per cent from 11.73 per cent.
On a month-on-month basis, urban index rose to 1.18 per cent in May 2020, up by 0.12 points from 1.06 per cent recorded in April 2020, while rural index also rose to 1.16 per cent up by 0.18 points from the 0.90 per cent.
“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 per cent recorded in April 2020,” NBS stated.
Food index rose to 15.04 per cent year on year in May 2020 compared to 15.03 per cent in April 2020, largely caused 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 per cent, 0.11 points from the average annual rate of 14.22 per cent change recorded in April 2020.
Core inflation, which excludes the prices of volatile agricultural produce, stood at 10.12 per cent in review month, up by 0.14 per cent when compared with 9.98 per cent recorded in preceding month.
On month-on-month basis, core sub-index increased to 0.88 per cent in May 2020, down by 0.05 per cent when compared with 0.93 per cent recorded in April 2020.
Highest increases were seen in prices of pharmaceutical products, Medical services, Repair of furniture, Hospital services, Passenger transport by road, Motor car, Bicycles, Maintenance and repair of personal transport equipment, Passenger transport by sea and inland waterways, Paramedical services, Motor cycles and Hairdressing salons and personal grooming establishment.
On states level, the NBS’ data revealed that Rivers has the highest inflation year-on-year in May 2020 with 14.69 per cent, followed by Bauchi, 14.91 per cent and Ebonyi, Kogi and Plateau, 13.87 per cent respectively.
While Benue recorded 11.13 per cent, Adamawa, 11.10 per cent and Kwara, 10.58 per cent as slowest rise in headline year-on-year inflation.