Nigeria’s inflation falls to 11.61% for 16th consecutive month as food prices remain high

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The National Bureau of Statistics, NBS, has announced that the Consumer Price Index, CPI, which measured inflation for May, decreased to 11.61 per cent (year-on-year) from 13.34 per cent recorded in April.

The NBS disclosed this in its CPI and inflation Report for May released on Wednesday in Abuja, pointing out that the latest inflation rate is 0.87 per cent points less than what obtained in April.

From the report published on the NBS website on Wednesday, the headline index on a month-on-month basis, showed an increase by 1.09 per cent during the month, about 0.26 per cent points rise from the rate recorded in April 2018.

The bureau stated that the percentage change in the average composite CPI for the 12 months period ending May 2018 over the average of the CPI for the corresponding period stood at about 14.79 per cent. This about 0.41 per cent point lower than the 15.20 per cent recorded in April 2018.

It, however, measured the CPI at 14.79 per cent in the period under review, showing 0.41 per cent point lower from 15.20 per cent recorded in April.

NBS pointed  out that the latest figure showed 16 consecutive reductions in inflation rate since January 2017.

The report stated that increases were recorded in all the Classification of Individual Consumption by Purpose, COICOP, divisions that yielded the headline index.

The report further showed that the urban inflation eased by 12.08 per cent (year-on-year) in May from 12.89 per cent recorded in April. In addition, it stated that the rural inflation also eased 11.20 per cent in May from 12.13 per cent in April.

On month-on-month basis, it stated the urban index rose by 1.10 per cent in May, up by 0.25 per cent from 0.85 per cent recorded in April.

Also, it noted the rural index rose by 1.08 per cent in May, up by 0.26 per cent from the rate recorded in April (0.82) per cent.

According to the report, the corresponding twelve-month year-on-year average percentage change for the urban index was 15.10 per cent in May.

This, it stated was less than 15.47 per cent in April, while corresponding rural inflation rate in May was 14.53 per cent compared to 14.95 per cent recorded in April.

Meanwhile, the statistics agency said the food sub-index increased by 1.33 per cent in May 2018, up by 0.42 per cent points from 0.91 per cent recorded in April.

It added that the average annual rate of change of the food sub-index for the 12-month period ending May 2018 over the previous 12-month average was 18.36 per cent, 0.53 per cent points from the average annual rate of change recorded in April by 18.89 per cent.

On State-by-State basis, the report said food inflation on an annual basis was highest in Yobe (15.86 per cent), followed by Kebbi (15.62 per cent) and Jigawa (15.56 per cent). Kogi, Benue and Akwa Ibom were the three States that recorded the slowest rise in food inflation at 8.54, 9.93 and 11.13 per cent respectively.

On month-on-month basis however, the report said Taraba, Adamawa and Enugu were States with the highest food inflation during the month with 2.80, 2.38 and 2.36 per cent respective, while Kogi, Oyo and Ekiti all recorded negative food price inflation during the month.

The bureau stated that the “All items less farm produce’’ or Core inflation, which excluded the prices of volatile agricultural produce stood at 10.7 per cent in May 2018.

This, it noted was down by 0.2 per cent from the rate recorded in April, which was 10.9 per cent.

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