Written by Godfrey AKON

Nigeria’s inflation rises to 12.40 in May

Nigeria’s inflation maintained an upward swing in May 2020 adding 0.06 per cent point to hit 12.40 per cent, year-on-year.

The National Bureau of Statistics, NBS, in its consumer price index, CPI, report which measures inflation, said the 0.06 per cent points increase was higher than the 12.34 per cent rate recorded in April 2020.

According to the agency, increases were recorded in all Classifications of Individual Consumption by Purpose, COICOP, divisions that yielded the headline index.

The report noted that “On month-on-month basis, the Headline index increased by 1.17 percent in May 2020, this is 0.15 percent rate higher than the rate recorded in April 2020 (1.02) percent.”

Based on the report the urban inflation rate increased by 13.03 per cent, year-on-year, in May 2020 from 13.01 percent recorded in April 2020, while the rural inflation rate increased by 11.83 per cent in May 2020 from 11.73 percent in April 2020.

“On a month-on-month basis, the urban index rose by 1.18 percent 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 percent in May 2020, up by 0.18 points from the rate recorded in April 2020 (0.90 percent).

“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 percent 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 percent point from 11.71 percent recorded in April 2020,” NBS noted in the report.

The statistical office noted that “every month, 10,534 informants spread across the country provide price data for the computation of the CPI. The market items currently comprise of 740 goods and services regularly priced.”

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