NBS Headquarters in Abuja, FCT.

Inflation increased by 12. 40 percent May 2020 –Bureau of Stats

*Rise in Food Index caused by price increases of bread, oils and fats, fruits, meat, fish, cereals, potatoes, yam, other tubers ─Report

Isola Moses | ConsumerConnect

The Consumer Price Index (CPI), which measures inflation increased by 12.40 percent (year-on-year) in May 2020 in Nigeria.

The country’s National Bureau of Statistics (NBS) in Abuja, FCT, disclosed this on its official Web site Wednesday, June 17.

In the Consumer Price Index May 2020 report, this present figure is 0.06 percent points higher than the rate recorded in April 2020 (12.34) percent.

According to the report, on a month-on-month basis, the 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.

“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),” said the NBS.

The report also stated that the corresponding 12-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, it stated.

The NBS further said that 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.

The report added: “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).”

All items less farm produce” or 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 NBS report.

NBS also stressed that the highest increases were recorded in prices of pharmaceutical products, medical services, repair of furniture, hospital services as well as passenger transport by road, motor car and bicycles.

Others include 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 average 12-month annual rate of change of the index was 9.27 percent for the twelve-month period ending May 2020; this is 0.1 percent points higher than 9.17 percent recorded in April 2020.

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