Nigeria’s Headline Inflation Rate Rises to 12.40% in May

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Inflation Rate Rises
Dr. Yemi Kale - NBS Boss

Nigeria’s Headline Inflation Rate Rises to 12.40% in May

The Nigerian Bureau of Statistics (NBS) recent data shows that the consumer price index (CPI) which measures inflation increased by 12.40 % year-on-year in May 2020.

According to NBS, this is 0.06 % points higher than the rate recorded in April 2020 when inflation rate settled at 12.34 %.

The recent data shows that increases were recorded in all classifications by individual consumption by purpose (COICOP) divisions that yielded the Headline index.

Nigeria Records Increase in General Price Level to 12.34%

The %age 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 %.

Thus, it shows 0.08 % point from 11.71 % recorded in April 2020.

The urban inflation rate increased by 13.03 % year-on-year in May 2020 from 13.01 % recorded in April 2020, while the rural inflation rate increased by 11.83 % in May 2020 from 11.73 % in April 2020.

Inflation Rate Rises
Dr. Yemi Kale – NBS Boss

On a month-on-month basis, the urban index rose by 1.18 % in May 2020, up by 0.12 points from 1.06 % recorded in April 2020, while the rural index also rose by 1.16 % in May 2020, up by 0.18 points from the rate recorded in April 2020 (0.90 %).

The corresponding twelve-month year-on-year average %age change for the urban index is 12.36 % in May 2020.

This is higher than 12.26 % reported in April 2020, while the corresponding rural inflation rate in May 2020 is 11.26 % compared to 11.20 % recorded in April 2020.

The composite food index rose by 15.04 % year on year in May 2020 compared to 15.03 % 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.

On month-on-month basis, the food sub-index increased by 1.42 % in May 2020, up by 0.24 % points from 1.18 % recorded in April 2020.

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 %, 0.11 points from the average annual rate of change recorded in April 2020 (14.22 %).

All Items inflation:

In May 2020, all items inflation on year on year basis was highest in Rivers (14.69%), Bauchi (14.91%) and Ebonyi, Kogi and Plateau (13.87%), while Benue (11.13%), Adamawa (11.10%) and Kwara (10.58%) recorded the slowest rise in headline Year on Year inflation.

On month on month basis however, May 2020 all items inflation was highest in Bayelsa (2.33%), Delta (2.03%) and Ebonyi (2.00%).

Whereas Oyo (0.48%), Akwa Ibom (0.47%) and Zamfara (0.35%) recorded the slowest rise in headline month on month inflation

Food inflation:

In May 2020, food inflation on a year on year basis was highest in Abuja (18.13%), Osun (17.40%) and Imo (17.13%), while Abia (13.46%), Bauchi (12.97%) and Kaduna (12.97%) recorded the slowest rise.

On month on month basis however, May 2020 food inflation was highest in Ebonyi (3.43%), Bayelsa (3.21%) and Edo (2.74%).

Though Zamfara (0.22) and Abia (0.21%) recorded the slowest rise with Akwa Ibom recording price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).

On month-on-month basis, the Headline index increased by 1.17 % in May 2020, this is 0.15 % rate higher than the rate recorded in April 2020 (1.02) %.

Nigeria’s Headline Inflation Rate Rises to 12.40% in May

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