Nigeria Economy | |
Nigeria Economy | |
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Monday,
June 17, 2018 12:00 PM / NBS
All Item Index
The consumer price index, (CPI) which measures inflation increased by 11.40 percent (year-on-year) in May 2019. This is 0.03 percent points higher than the rate recorded in April 2019 (11.37 percent).
Increases were recorded in all COICOP divisions that yielded the Headline index.
On month-on-month basis, 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 urban inflation rate increased by 11.76 percent (year-on-year) in May 2019 from 11.70 percent recorded in April 2019, while the rural inflation rate increased by 11.07 percent in May 2019 from 11.08 percent in April 2019.
On a month-on-month basis, the urban index rose by 1.15 percent in May 2019, up by 0.15 points from 1.00 percent recorded in April 2019, while the rural index also rose by 1.07 percent in May 2019, up by 0.17 from the rate recorded in April 2019 (0.90 percent).
The corresponding twelve-month year-on-year average percentage change for the urban index was 11.66 percent in May 2019. This is less than the 11.69 percent reported in April 2019, while the corresponding rural inflation rate in May 2019 is 10.99 percent compared to 11.00 percent recorded in April 2019.
Food Index
The composite food index rose by 13.79 percent in May 2019 compared to 13.70 percent 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 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).
All Items Less Farm Produce
The ‘’All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 9.0 percent in May 2019, down by 0.3 percent when compared with 9.3 percent recorded in April 2019.
On month-on-month basis, the core sub-index increased by 0.75 percent in May 2019. This was up by 0.05 percent when compared with 0.70 percent recorded in April 2019.
The highest increases were recorded in prices of Domestic and household services, Tobacco, Actual and imputed rentals for housing, Medical, Dental and Hospital services, Cleaning, repair and hire of clothing, Repair and hire of footwear and Repair of household appliance.
The
average 12-month annual rate of change of the index was 9.77 percent for the
twelve-month period ending May 2019; this is 0.14 percent points lower than
9.91 percent recorded in April 2019.
State Profiles
In
analysing price movements under this section, note that the CPI is weighted by
consumption expenditure patterns which differ across states. Accordingly, the
weight assigned to a particular food or non-food item may differ from state to
state making interstate comparisons of consumption basket inadvisable and
potentially misleading.
All
Items Inflation
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).
Food
Inflation
In May 2019, food inflation on a year on year basis was highest in Kaduna (17.10%), Kebbi (18.90%) and Gombe (16.90%), while Kogi (11.80%), Rivers (11.70%) and Abia (10.90%) recorded the slowest rise.
On
month on month basis however, May 2019 food inflation was highest in Kano
(2.39%), Gombe (2.33%) and Kaduna (2.27%), while Kogi (0.68) and Benue (0.24%)
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).
Click Here to Download May
2019 CPI PDF Report
Latest 2019 NBS Reports
Q2 2019
1. 8.57m
Workers Are Registered Under The Pension Scheme As At Q1 2019 - NBS
2. Nigeria’s
Merchandise Trade Grew Marginally By 2.50% QoQ in Q1 2019
3. Banking Sector
Records 557.08m Volume of Transactions in Q1 2019 - NBS
4. 723,995
Passengers Travelled Via Rail in Q1 2019 - NBS
5.
NBS
Publishes Additional 11 States Nominal GDP From 2013 to 2017
6.
N289.04bn
Generated as VAT in Q1 2019 - NBS
7. 4.87bn Litres of
PMS Imported in Q1 2019 - NBS
8. FAAC
Disburses N617.57bn in April 2019 - NBS
9. Average
Price of 1kg of Tomato Increased by 7.05% MoM to N257.25 in April 2019 - NBS
10. Average
Fare For Bus Journey Intercity Increased By 0.77% MoM to N1604.36 in April 2019
- NBS
11. Nigeria’s
GDP Grew By 2.01% YoY In Real Terms In Q1 2019
12. Headline
Inflation Increases By 11.37% YoY in April 2019; 0.12% Higher Than March 2019
Rate
13. Average
Prices of PMS, AGO, HHK and Cooking Gas – April 2019
14. N3.42m
Students Enrolled in Public Senior Secondary School in 2017 - NBS
15. N324.59bn
Generated as IGR in Q4 2018 - NBS
16. Akwa Ibom State Reports Highest Unemployment Rate of 37.7%
in Q3 2018 - NBS
17. 316,365kg of Drug Seized in 2018 -
NBS
18. Average Price of 1kg of Tomato
Decreased By 6.32% MoM to N240.29 in March 2019 - NBS
19. Average Fare Paid By Commuters
Intercity Increased By 2.85% MoM to N1,592.07 in March 2019 - NBS
20. Headline Inflation Increases By 11.25% YoY in March
2019; 0.06% Lower Than February 2019 Rate
21. Average Prices of PMS, AGO, HHK and Cooking Gas –
March 2019
22. FAAC Disburses N619.86bn in March 2019
23. Domestic Passenger Traffic Grew By 23.19% YoY in 2018
- NBS
24. Lagos State Has The Highest Debt Profile in 2018 -
NBS
25. 1.65m Applications Received By JAMB in 2018 - NBS
26. FAAC Disburses N660.37bn in February 2019
27. Nigeria Produced 55.81m Tonnes of Solid Minerals in
2018 - NBS
Q1 2019
28. 8.41m Workers Are Registered Under The Pension Scheme
As At Q42018 - NBS
29. Average Price of 1kg of Yam Tuber Decreased By -2.24%
MoM to N206.48 in February 2019 - NBS
30. All Region Terms of Trade Fell -2.78% Due to a Fall
in the Prices of Goods Traded in Africa - NBS
31. Average Fare Paid By Commuters Within City Increased
By 1.43% MoM to N177.57 in February 2019 - NBS
32. Headline Inflation Increases By 11.31% YoY in
February 2019; 0.06% Lower Than January 2019 Rate
33. Average Prices of PMS, AGO, HHK and Cooking Gas –
February 2019
34. Active Voice Subscribers Grew By 6.66% in Q4 2018 -
NBS
35. 2,532 Road Traffic Crashes Occurred in Q4 2018 - NBS
36. Total Trade Declined By 5.1% QoQ in Q4 2018; Rose By
42.9% YoY
37. GDP By Income and Expenditure Approach Q1 and Q2 2018
- Household Final Consumption Grew by 0.78%
38. 1.67m Customers Metered As At Q4 2018 - NBS
39. N298.01bn Generated as VAT in Q4 2018 - NBS
40. Total Value of Credit Allocated By Banks Stood At
N15.13trn As At Q4 2018 - NBS
41. Average Price of 1kg of Tomato Decreased By 2.39% YoY To
N265.49 in January 2019 - NBS
42. FAAC Disburses N649.19bn in January 2019
43. Average Intercity Bus Fare Decreased By -13.90% MoM
To N1,541.38 in January 2019
44. Headline Inflation Increases By 11.37% YoY in January
2019; 0.07% Lower Than December 2018 Rate
45. Average Prices of PMS, AGO, HHK and Cooking Gas –
January 2019
46. Total Value of Capital Importation into Nigeria Stood
at $16,812.47m in 2018 – NBS
47. Nigeria’s GDP Grew By 2.38% YoY in Real Terms in Q4
2018 and 1.93% in Full Year
48. 828,502 Employees Employed By 1,110 Registered
Private Guard Companies in 2018 - NBS
49. States Generate N264.38bn as IGR in Q3 2018 - NBS
50. NBS Publishes Drug Use in Nigeria 2018 Survey Report
51. FAAC Disburses N3.19trn To FG in 2018 - NBS
52. FAAC Disburses N2.38trn To FG in 2017 - NBS
53. FAAC Disburses N812.76bn in December 2018 - NBS
54. Average Price of 1kg of Tomato Decreased By -7.76%
MoM To N294.36
55. Average Within City Bus Journey Fare Decreased By
-5.64% MoM To N181.61
56. Headline Inflation Increases By 11.44% YoY in
December 2018; 0.16% Higher Than November 2018 Rate