…as inflation rate increases to 11.40%
The National Bureau of Staitistcs (NBS) has disclosed that Kebbi and Bauchi state have the highest all items inflation rate in May while Cross River and Kwara have the lowest rise in inflation rate.
This is coming on the heels of NBS “Consumer Price Index May 2019” which showed inflation rate gaining 0.03c per cent to close at 11.40 per cent in May from 11.37 per cent in April.
The bureau in its report on Monday noted that, “In May 2019, all items inflation on year on year basis was highest in Kebbi was 15.76 per cent; Bauchi, 14.97 per cent and Kaduna, 13.74 per cent.
“Abia reported 9.91 per cent; Cross River, 9.68 per cent and Kwara, 8.45per cent recorded the slowest rise in headline Year on Year inflation rate.”
The report stated that “On month on month basis however, May 2019 all items inflation was highest in Bauchi (1.76 per cent), Gombe (1.69per cent) and Niger (1.65per cent), while Kogi (0.59per cent), Benue (0.48per cent) recorded the slowest rise with Kwara recording food price deflation or negative inflation (general decrease in the general price level of goods and services or a negative inflation rate).”
However, NBS had reported 11.25 per cent inflation rate in March.
Inflation rate according to NBS closed February at 11.31per cent and 11.37per cent in January 2019.
The report by NBS stated that increases were recorded in all COICOP divisions that yielded the Headline index.
According to the report, “On month-on-month basis, the Headline index increased by 1.11 per cent in May 2019. This is 0.17 per cent rate higher than the rate recorded in April 2019 (0.94 per cent).
“The percentage change in the average composite CPI for the twelve months period ending May 2019, over the average of the CPI for the previous twelve months period was 11.30 per cent, 0.01 per cent points from 11.31 per cent recorded in April 2019.
“The urban inflation rate increased by 11.76 per cent (year-on-year) in May 2019 from 11.70 per cent recorded in April 2019, while the rural inflation rate increased by 11.07 per cent in May 2019 from 11.08 per cent in April 2019.
“On a month-on-month basis, the urban index rose by 1.15 per cent in May 2019, up by 0.15 points from 1.00 per cent recorded in April 2019, while the rural index also rose by 1.07 per cent in May 2019, up by 0.17 from the rate recorded in April 2019 (0.90 per cent).
“The corresponding twelve-month year-on-year average percentage change for the urban index was 11.66 percent in May 2019. This is less than the 11.69 per cent reported in April 2019, while the corresponding rural inflation rate in May 2019 is 10.99 per cent compared to 11.00 per cent recorded in April 2019.”
On food inflation, the report noted that the composite food index rose by 13.79 per cent in May 2019 compared to 13.70 per cent in April 2019, disclosing that rise in the food index was caused by increases in prices of Meat, Oils and fats, Bread and cereals, Potatoes, yam and other tubers, Fish, Milk, cheese and egg, and Vegetables.
The report by NBS added that “On month-on-month basis, the food sub-index increased by 1.41 per cent in May 2019, up by 0.27 per cent points from 1.14 per cent recorded in April 2019.
“The average annual rate of change of the Food sub-index for the twelve-month period ending May 2019 over the previous twelve-month average was 13.37 per cent, 0.03 percent points from the average annual rate of change recorded in April 2019 (13.34 per cent).”