Samuel Bello, Abuja
Reports from the National Bureau of Statistics (NBS) said the Consumer Price Index (CPI), which measures inflation dropped further by 11.61 percent, in May, from the 12.48 percent recorded in April this year.
The NBS in its CPI report for May 2018 released today in Abuja, said this is 0.87 percent points less than the 12.48 percent rate recorded in April this year. The report stated that it became the sixteenth consecutive disinflation since January 2017.
According to the bureau, increases have been recorded in all the Classification of Individual Consumption by Purpose (COICOP) divisions that yield the Headline Index.
On a month-on-month basis, the Headline index increased by 1.09 percent in May 2018, up by 0.26 percent points from the rate recorded in April 2018.
It stated that the percentage change in the average composite CPI for the twelve months period ending May 2018 over the average the average of the CPI for the previous twelve months period was 14.79 percent, showing 0.41 percent point lower from 15.20 percent recorded in April 2018.
Meanwhile, the report stated that the urban inflation rate eased by 12.08 percent in May 2018 from 12.89 percent recorded in April. It however stated that the rural inflation rate also eased 11.20 percent in May from 12.13 percent in April.
On month-on-month basis, the report stated that the urban index rose by 1.10 percent in May 2018, up by 0.25 from 0.85 percent recorded April.
It stated that the rural index also rose by 1.08 percent in May 2018, up by 0.26 percent when compared with 0.82 percent rate recorded in April.
NBS also stated that all items inflation in May on a year-on-year basis was highest in Kebbi (14.65%), Yobe (13.68%) Jigawa (13.62%), while Kwara (8.87%), Kogi (9.07%), while Delta (9.22%) recorded the slowest rise in headline Year on Year inflation.
“On month on month basis in May, all items inflation was highest in Adamawa (1.98%), Kwara (1.79), and Kaduna (1.70%), while Kogi (0.02%), Lagos and Ogun (0.52%) and Cross River (0.56%) recorded slowest rise on a month on month all item basis in May 2018.
It reported that food inflation on a year on year basis was highest in Yobe (15.86%), Kebbi (15.62%) and Jigawa (15.56%), while Kogi (8.54%), Benue (9.93%) and Akwa Ibom (11.13%) recorded the slowest rise in food inflation.
“On month on month basis however, May 2018 food inflation was highest in Taraba (2.80%), Adamawa (2.38%) and Enugu (2.36%), 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.