BREAKING NEWS: Increase in Prices of Food Stuffs Drive Inflation Rate to 12.40%

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    The National Bureau of Statistics (NBS) has said Consumer Price Index, (CPI) which measures inflation increased by 12.40 per cent (year-on-year) in May 2020.

    According to NBS report on CPI on Wednesday, the increase In May is 0.06 per cent points higher than 12.34 per cent recorded in April 2020.

    The increased, according to NBS can be attributable  to like in foodstuffs like Bread and cereals, Potatoes, Yam and other tubers, Oils and fats, Fruits, Fish and Meat.

    The report stated that there was increases in all COICOP divisions that yielded the Headline index.

    According to the report, “On month-on-month basis, the Headline index increased by 1.17 per cent in May 2020, this is 0.15 percent rate higher than the rate recorded in April 2020 (1.02) per cent.

    “The urban inflation rate increased by 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 by 11.83 per cent in May 2020 from 11.73 per cent in April 2020.

    “On a month-on-month basis, the urban index rose by 1.18 per cent 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 per cent in May 2020, up by 0.18 points from the rate recorded in April 2020 (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 per cent 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 per cent point from 11.71 per cent recorded in April 2020.”

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