The National Bureau of Statistics (NBS), on Thursday morning published Nigeria’s Consumer Price Index (CPI) or inflation rate for the month of May, indicating the most significant fell since the downward slant began, to 16.25% year-on-year from 17.24% in April.
The CPI, which measures the average change over a given time in the prices of goods and services consumed by people in their daily living, represents the fourth consecutive decline in the rate of inflation since January 2017.
The highest contributors to inflation during the period included meat, bread and cereals, solid and liquid fuels, fish, garment and clothing meterials and other articles of clothing
A breakdown of the figure showed that food sub-index in May dropped slightly to 19.27%, as against previous month’s 19.30%, just as it increased faster month-on-month, 2.54%, as against the 2.04% in April, boosted by bread and cereals, meat, fish, potatoes, yam and tubers, among others; while the core sub-index for the month rose by 13% year-on-year down from 14.8% in April YoY. On a MoM basis, it rose to 1.17% from 1.1% in April. The highest increase was recorded in wines and spirits, clothing materials and other articles of clothing, liquid fuel, fuel and lubricants for personal transport equipment, solid fuels, motor car, motorcycle and air transport.
The urban inflation in May rose YoY to 16.34%, down from 17.62% in April, rising to 1.84% MoM, as against 1.61% in April; while the rural index for the month fell to 16.02% from 16.69% in prior month; while MoM, it rose to 1.92% from 1.59% in April.
On a month-on-month basis, the inflation figure however rose by 1.88%, faster than previous month’s 1.6%, which the NBS said indicates “the existence of persistence pressure on prices despite the general decline in year on year inflation.
“Month on Month inflation has cumulatively risen by 7.7% since January 2017.
The ”All Items less Farm Produce” or Core sub-index, which excludes the prices of volatile agricultural produce eased by 1.80 percent during the month t0 13% points from 14.8% recorded in April as all key divisions which contributes to the index increased but at a decreasing rate.
“On a month-on-month basis, the Core sub-index increased by 1.17% in May, 0.07% points higher than the 1.1% recorded in April. The highest increases in core inflation were recorded in the prices of solid and liquid fuels, garments and clothing materials and other articles of clothing, spirits, motor cars, wine, bicycles, shoes and other footwear, fuels and lubricants for personal transport equipment, motorcycle and air transport.
“The average 12 month annual rate of rise of the index was recorded at 16.57% for the twelve-month period ending in May 2017, 0.2% points lower from the 12-month rate of change recorded in April,” the NBS added.