Nigeria's Inflation Rate Rise Marginally To 11.40 % In May, Says NBS

Nigeria’s annual inflation rate increased by 0.03 percent to 11.40 percent in May on a year-on-year basis from 11.37 percent in the previous month, the National Bureau of Statistics (NBS) said in its latest data released on Monday.

The inflation rate measures how prices of goods and services rise or fall within a specific period and is measured by the Consumer Price Index (CPI).
Increases, according to the data by the NBS were recorded in all COICOP divisions that yielded the Headline index.
On a month-on-month basis, NBS said the Headline index increased by 1.11 percent in May 2019. This is 0.17 percent rate higher than the rate recorded in April 2019 (0.94 percent).
The percentage change in the average composite CPI for the twelve months period ending May 2019, over the average of the CPI for the previous twelve months period was 11.30 percent, 0.01 percent points from 11.31 percent recorded in April 2019, the data bureau said.
The bureau said Food inflation increased to 13.79 percent from 13.70 percent in April while Core inflation declined to 9.00 percent from 9.30 percent in the previous month.
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 percent in May 2019, up by 0.27 percent points from 1.14 percent 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 percent, 0.03 percent points from the average annual rate of change recorded in April 2019 (13.34 percent)