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Nigeria’s Inflation Drops Further To 11.61% In May

June 19, 2018.

Nigeria’s inflation has further recorded a decline in the month of May, 2018, dipping declining from 12.48 per cent in April to 11.61 per cent in May.

The Nigerian Bureau of Statistics in its monthly report indicates that this is the 16th consecutive times (January 2017-May 2018) of such a continued downward slide in the country’s inflationary trends.

However the bureau also reports that on a month-on-month basis, the Headline Index increased by 1.09 per cent in May 2018, up by 0.26 percentage points over the rate recorded in April 2018, an indication that actual price of certain basic items are still on the increase despite the decline in the general Consumer Price Index CPI.

The composite food index also rose by 13.45 per cent in May 2018, which has been attributed to the increases in prices of potatoes, yam and other tubers, vegetables, fish, bread and cereals, fruits and meat, among others.

According to the bureau, CPI, which measures inflation stood at 11.61 per cent (year-on-year) in May 2018, representing 0.87 per cent points less than the rate recorded in April 2018 (13.34) per cent. “

On a month-on-month basis, the Headline Index increased by 1.09 per cent in May 2018, up by 0.26 percentage points over the rate recorded in April 2018.

The report shows 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 previous 12 months period was 14.79 per cent, indicating a 0.41 percentage point decline from 15.20 per cent posted in April 2018.

On month-on-month basis, the food sub-index increased by 1.33 per cent in May 2018, up by 0.42 percentage points from 0.91 per cent recorded in April.

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 (18.89) per cent.

The report also shows that the highest increases were recorded in prices of hairdressing saloons and personal grooming establishment, vehicle spare parts, fuels and lubricants for transport equipment, books and stationery, domestic services and household services, pharmaceutical products, paramedical services, medical services and passenger transport by road.

Other details show that the average 12-month annual rate of change of the index was 11.83 per cent for the 12-month period ending May 2018; this is 0.19 per cent points lower than 12.02 per cent recorded in April.

Also, all items inflation on year on year basis was highest in Kebbi (14.65 per cent), Yobe (13.68 per cent) Jigawa (13.62 per cent), while Kwara (8.87 per cent), Kogi (9.07 per cent) and Delta (9.22 per cent) recorded the slowest rise in headline year- on -year inflation.

Month-on-month basis however, May 2018 all items inflation was highest in Adamawa (1.98 per cent), Kwara (1.79), and Kaduna (1.70 per cent), while Kogi (0.02 per cent), Lagos and Ogun (0.52 per cent) and Cross River (0.56 per cent) recorded slowest rise on a month- on-month all item basis in May 2018.

The bureau also reports that food inflation on a year-on-year basis for May 2018 was highest in Yobe (15.86 per cent), Kebbi (15.62 per cent) and Jigawa (15.56 per cent), while Kogi (8.54 per cent), Benue (9.93 per cent) and Akwa Ibom (11.13 per cent) recorded the slowest rise in food inflation.

On month-on-month basis, however, May 2018 food inflation was highest in Taraba (2.80 per cent), Adamawa (2.38 per cent) and Enugu (2.36 per cent), while Kogi, Oyo and Ekiti all recorded food price deflation or negative inflation (general decrease in the general price level of goods and services or a negative inflation rate) in May 2018.

 

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