The National Bureau of Statistics (NBS) has said that Nigeria’s inflation rate for the month of May 2020 increased by 12.40 percent year-on-year.The NBS said in its monthly report of the consumer price index, (CPI), which measures inflation that the figure was 0.06 percent points higher than the rate of 12.34 percent recorded in April 2020.
It noted that increases were recorded in all COICOP divisions that yielded the Headline index, while on month-on-month basis, the Headline index increased by 1.17 percent in May 2020, representing 0.15 percent rate higher than the rate recorded in April 2020 (1.02) percent.
According to the report, the 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.
It explained that 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 percentage change in the average composite CPI for the twelve months period ending May 2020 over the average of the CPI for the previous twelve months period was 11.79 percent, showing 0.08 percent point from 11.71 percent recorded in April 2020.
According to the report, the composite food index rose by 15.04 percent year on year in May 2020 compared to 15.03 percent in April 2020. This rise in the food index was 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 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
“On month-on-month basis, the core sub-index increased by 0.88 percent in May 2020. This was down by 0.05 percent when compared with 0.93 percent recorded in April 2020.
“The highest increases were recorded 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,” the report said.