Nigeria’s Inflation Index Climbs 11.4% Up YoY In May, Says @nigerianstat

Nigeria’s National Bureau of Statistics (NBS), on Monday published the country’s Consumer Price Index for the month of May, showing that inflation inched once more, rising by 0.03% year-on-year to 11.40% in the period, from 11.37% in April 2019.
The CPI measures the average change over time in the prices of goods and services consumed by the people for day-to-day living.
Month-on-Month, it however increased to 1.11, from 0.94%, helped by food inflation at 13.79%, as against 13.7% in the prior month, driven as usual by increases in the prices of potatoes, yam and other tubers, bread and cereals, vegetables, milk, cheese and egg, oil and fats, fish and meat. Food sub-inflation index MoM for May soared by 1.41% MoM in May, as against 1.14% in April.

The inflation rate could have been higher, but for the decline in core inflation from 9.3% in the preceding month to 9.00%.
Core inflation, MoM, however climbed 0.05% to 0.75% in the period under review, with key drivers such as tobacco, cleaning, repair and hire of clothing, actual and imputed rent for housing, domestic services and household services, dental services, medical and hospital services; repair of household appliances; as well as repair and hire of footwear.

The percentage change in the average composite CPI for the twelve months period ending May 2019, over that for the previous twelve months period, according to the NBS was 11.30%, 0.01% points from 11.31% recorded in April 2019.
The urban inflation rate increased by 11.76% YoY in May 2019 from 11.7% in April, while the rural inflation rate rose by 11.07% from 11.08% in, even as the urban index rose by 1.15% MoM in May, up by 0.15 points from 1% in April 2019. The rural index also rose by 1.07% in May 2019, up by 0.17% from the rate recorded in April 2019 0.9%.

The corresponding twelve-month year-on-year average percentage change for the urban index was 11.66% in May 2019, which was less than the 11.69% reported in April 2019, while the corresponding rural inflation rate in May 2019 was 10.99%, compared to 11% recorded in April 2019.

On state-by-state basis, headline inflation in the month of May was highest YoY in Kebbi at 15.76%; followed by Bauchi, 14.97%; and Kaduna, 13.74%; and lowest in Kwara, 8.45%; Cross River, 9.68%; and Abia, 9.91%.
MoM however, all items inflation was highest in Bauchi at 1.76%; Gombe, 1.69%; and Niger, 1.65%; while slowest in Kwara which recorded a price deflation or negative inflation (general decrease in the general price level of goods and services or a negative inflation rate); followed by Benue with 0.48% rise; and Kogi, 0.59%.

According to the NBS report, “in analyzing price movements under this section, note that the CPI is weighted by consumption expenditure patterns which differ across states. Accordingly, the weight assigned to a particular food or non-food item may differ from state to state making interstate comparisons of consumption basket inadvisable and potentially misleading.

Food inflation was however highest YoY in Kaduna at 17.10%; Kebbi, 18.90%; with Gombe following at 16.90%; while Abia at 10.90% recorded the slowest growth rate; ahead of Rivers, 11.70%; and Kogi, 11.80%.
MoM, “May 2019 food inflation was highest in Kano, 2.39%; Gombe, 2.33%; and Kaduna, 2.27%; with the slowest rise in Kwara which reported a food price deflation or negative inflation (general decrease in the general price level of goods and services or a negative inflation rate, ahead of Benue, 0.24%; and ) Kogi, 0.68.

https://investdata.com.ng/2019/06/nigerias-inflation-index-climbs-11-4-up-yoy-in-may-says-nigerianstat/