Isaac Anumihe, Abuja
National Bureau of Statistics (NBS), yesterday said that food prices contributed to 11.40 per cent rise in inflation in May, 2019 from 11.37 per cent recorded in April, 2019.
The bureau in its website in Abuja, said that 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 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)” NBS, said.
The agency also noted that increases were recorded in all Classification of Individual Consumption According to Purpose (COICOP) divisions that yielded the headline index.
On month-on-month basis, it said that the headline index increased by 1.11 per cent in May 2019. This, the bureau explained, is 0.17 per cent rate higher than the rate recorded in April 2019 (0.94 per cent) adding that the percentage change in the average composite Consumer Price Index (CPI) for the twelve months period ending May 2019, over the average of the CPI for the previous twelve months period was 11.30 per cent, 0.01 per cent points from 11.31 per cent recorded in April 2019.
“The urban inflation rate increased by 11.76 per cent (year-on-year) in May 2019 from 11.70 per cent recorded in April 2019, while the 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).