Food inflation rises by 13.79% in May ― NBS
Food inflation continued to accelerate faster than consumer price index in the month of May 2019, rising to 13.79 per cent as against CPI which rose by 11.40 per cent when compared with a year ago.
According to data released by the National Bureau of Statistics (NBS) on Monday, the composite food index rose by 13.79 per cent in May 2019 compared to 13.70 per cent in April 2019.
“This rise in the food index was caused by increases in prices of Meat, Oils and fats, Bread and cereals, Potatoes, yam and other tubers, Fish, Milk, cheese and egg, and Vegetables.
“On a month-on-month basis, the food sub-index increased by 1.41 per cent in May 2019, up by 0.27 per cent points from 1.14 per cent recorded in April 2019.
“The average annual rate of change of the Food sub-index for the twelve-month period ending May 2019 over the previous twelve-month average was 13.37 per cent, 0.03 per cent points from the average annual rate of change recorded in April 2019 (13.34 per cent).”
On CPI, NBS reported that the 11.40 per cent rate was 0.03 per cent points higher than the rate recorded in April 2019 (11.37 per cent).
“On a month-on-month basis, the Headline index increased by 1.11 per cent in May 2019 from the previous month, which is 0.17 per cent rate higher than the rate recorded in April 2019 (0.94 per cent).
“The percentage change in the average composite CPI for the twelve-month period ending May 2019, over the average of the CPI for the previous twelve-month period was 11.30 per cent, 0.01 per cent points from 11.31 per cent recorded in April 2019.”
While urban inflation rate increased by 11.76 per cent a year ago from 11.70 per cent recorded in April 2019, rural inflation rate increased by 11.07 per cent in May 2019 from 11.08 per cent in April 2019.
“On a month-on-month basis, the urban index rose by 1.15 per cent in May 2019, up by 0.15 points from 1.00 per cent recorded in April 2019, while the rural index also rose by 1.07 per cent in May 2019, up by 0.17 from the rate recorded in April 2019 (0.90 per cent).
“The corresponding twelve-month year-on-year average percentage change for the urban index was 11.66 per cent in May 2019. This is less than the 11.69 per cent reported in April 2019, while the corresponding rural inflation rate in May 2019 is 10.99 per cent compared to 11.00 per cent recorded in April 2019.”
Comparing inflation rates in states, NBS noted that in May 2019, all items inflation on year on year basis was highest in Kebbi (15.76%), Bauchi (14.97%) and Kaduna (13.74%), while Abia (9.91%), Cross River (9.68%) and Kwara (8.45%) recorded the slowest rise in headline Year on Year inflation.
“On month on month basis however, May 2019 all items inflation was highest in Bauchi (1.76%), Gombe (1.69%) and Niger (1.65%), while Kogi (0.59%), Benue (0.48%) recorded the slowest rise with Kwara recording food price deflation or negative inflation (general decrease in the general price level of goods and services or a negative inflation rate).”