Inflation rises to 12.40% in May

Nigeria’s headline inflation rose again to 12.40 per cent (year on year) in the month of May, 2020; about 0.06 higher than the rate recorded in April, 2020 (12.34) per cent.

According to a document published in the website of National Bureau of Statistics (NBS), the Composite Food Index rose by 15.04 per cent, year on year in May 2020, compared to 15.03 per cent in April 2020.

The rise in the food index, NBS said, was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, oils and fats, fruits, fish and meat.

“The average annual rate of change of the food sub-index for the 12- month period ending May 2020 over the previous 12-month average was 14.33 per cent, 0.11 points from the average annual rate of change recorded in April 2020 (14.22 per cent).

“On month-on-month basis, the food sub-index increased by 1.42 per cent in May 2020, up by 0.24 per cent points from 1.18 per cent recorded in April 2020,” it said.

NBS also said that increases were recorded in all Classifications of Individual Consumption.

According to Purpose (COICOP) divisions that yielded the headline index and on month-on-month basis, the headline index increased by 1.17 per cent in May 2020, being 0.15 per cent rate higher than the rate recorded in April 2020 (1.02) per cent.

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