Headline Inflation Increases By 12.40% YoY In May 2020; 0.06% Higher Than April 2020 Rate

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Wednesday, June 17, 2020  09:05 AM / NBS/ Header Image Credit:  NBS


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All Item Index

The consumer price index, (CPI) which measures inflation increased by 12.40 percent (year-on-year) in May 2020. This is 0.06 percent points higher than the rate recorded in April 2020 (12.34) percent.

 

Increases were recorded in all COICOP divisions that yielded the Headline index.

 

On month-on-month basis, the Headline index increased by 1.17 percent in May 2020, this is 0.15 percent rate higher than the rate recorded in April 2020 (1.02) percent.

 

The percentage change in the average composite CPI for the twelve months period ending May 2020 over the average of the CPI for the previous twelve months period was 11.79 percent, showing 0.08 percent point from 11.71 percent recorded in April 2020.

 

The urban inflation rate increased by 13.03 percent (year-on-year) in May 2020 from 13.01 percent recorded in April 2020, while the rural inflation rate increased by 11.83 percent in May 2020 from 11.73 percent in April 2020.

 

On a month-on-month basis, the urban index rose by 1.18 percent in May 2020, up by 0.12 points from 1.06 percent recorded in April 2020, while the rural index also rose by 1.16 percent in May 2020, up by 0.18 points from the rate recorded in April 2020 (0.90 percent).

 

The corresponding twelve-month year-on-year average percentage change for the urban index is 12.36 percent in May 2020. This is higher than 12.26 percent reported in April 2020, while the corresponding rural inflation rate in May 2020 is 11.26 percent compared to 11.20 percent recorded in April 2020.

 

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Food Index

The composite food index rose by 15.04 percent year on year in May 2020 compared to 15.03 percent in April 2020.

 

This rise in the food index was caused by increases in prices of Bread and cereals, Potatoes, Yam and other tubers, Oils and fats, Fruits, Fish and Meat.

 

On month-on-month basis, the food sub-index increased by 1.42 percent in May 2020, up by 0.24 percent points from 1.18 percent recorded in April 2020. 

 

The average annual rate of change of the Food sub-index for the twelve-month period ending May 2020 over the previous twelve-month average was 14.33  percent, 0.11  points from the average annual rate of change recorded in April 2020 (14.22 percent).

 

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All Items Less Farm Produce

The "All items less farm produce" or Core inflation, which excludes the prices of volatile agricultural produce stood at 10.12 percent in May 2020, up by 0.14 percent when compared with 9.98 percent recorded in April 2020.

 

On month-on-month basis, the core sub-index increased by 0.88 percent in May 2020. This was down by 0.05 percent when compared with 0.93 percent recorded in April 2020.

 

The highest increases were recorded in prices of pharmaceutical products, Medical services, Repair of furniture, Hospital services, Passenger transport by road, Motor car, Bicycles, Maintenance and repair of personal transport equipment, Passenger transport by sea and inland waterways, Paramedical services, Motor cycles and  Hairdressing salons and personal grooming establishment.

 

The average 12-month annual rate of change of the index was 9.27 percent for the twelve-month period ending May 2020; this is 0.1 percent points higher than 9.17 percent recorded in April 2020.

 

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 2020, all items inflation on year on year basis was highest in Rivers (14.69%), Bauchi (14.91%) and Ebonyi, Kogi and Plateau (13.87%), while Benue (11.13%), Adamawa (11.10%) and Kwara (10.58%) recorded the slowest rise in headline Year on Year inflation.


On month on month basis however, May 2020 all items inflation was highest in Bayelsa (2.33%), Delta (2.03%) and Ebonyi (2.00%), while Oyo (0.48%), Akwa Ibom (0.47%) and Zamfara (0.35%) recorded the slowest rise in headline month on month inflation.

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Food Inflation

In May 2020, food inflation on a year on year basis was highest in Abuja (18.13%), Osun (17.40%) and Imo (17.13%), while Abia (13.46%), Bauchi  (12.97%) and Kaduna (12.97%) recorded the slowest rise.


On month on month basis however, May 2020 food inflation was highest in Ebonyi (3.43%), Bayelsa (3.21%) and Edo (2.74%), while Zamfara (0.22) and Abia (0.21%) recorded the slowest rise with Akwa Ibom recording price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).

 

Click Here to Download May 2020 CPI PDF Report


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Latest 2020 NBS Reports

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Q2 2020

  1. Nigeria's Merchandise Trade Slowed in Q1 2020 Due to Declines in Both Imports and Exports
  2. 11,072 Road Traffic Crashes Occurred in 2019 - NBS
  3. FAAC Disburses N780.93bn in April 2020 - NBS
  4. FAAC Disburses N581.57bn in March 2020 - NBS
  5. Average Price of 1kg of Rice Increased MoM By 7.56% in April 2020 - NBS
  6. Average Air Passengers Fare Was Flat MoM in April 2020 - NBS
  7. Total Value of Capital Importation into Nigeria Stood At $5,854.38m in Q1 2020 - NBS
  8. Nigeria's GDP Grew By 1.87% YoY in Real Terms in Q1 2020
  9. Average Prices of PMS, AGO, HHK and Cooking Gas - April 2020
  10. N1.33trn Generated As IGR in 2019 - NBS
  11. Headline Inflation Increases By 12.34% YoY In April 2020; 0.08% Higher Than March 2020 Rate
  12. 20.89bn Litres of PMS Imported Into Nigeria in 2019 - NBS
  13. N338.94bn Generated As VAT in Q1 2020 - NBS
  14. Total Household Expenditure on Food and Non-food Was Put At N40.21bn in 2019 - NBS
  15. Poverty and Inequality in Nigeria 2019: 40% of Total Population Classified as Poor
  16. GDP By Income and Expenditure Approach Q4 2019 - Household Final Consumption Declined by -2.40%
  17. Average Price of 1kg of Rice Increased By 21% YoY to N438.66 In March 2020
  18. Average Transport Fare Paid By Commuters Within City Increased By 1.89% MoM in March 2020
  19. Average Prices of PMS, AGO, HHK and Cooking Gas - March 2020
  20. Headline Inflation Increases By 12.26% YoY In March 2020; 0.06% Higher Than February 2020 Rate
  21. Nigeria's Total Public Debt Stood At N27.40trn in Q4 2019 - NBS
  22. FAAC Disburses N647.35bn in February 2020 - NBS

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Q1 2020

  1. Banking Sector Records 893.68m Volume of Transaction in Q4 2019 - NBS
  2. Active Voice Subscription Grew By 3.08% in Q4 2019 - NBS
  3. All Commodity Group Import Index Fell by 3.27% Due Mainly to Declines in the Prices of Goods
  4. Average Prices of 1kg of Tomato Decreased By -10.65% YoY to N237.22 in Jan 2020 - NBS
  5. Average Fare Paid By Commuters For Bus Journey Intercity Increased By 0.91% MoM in February 2020
  6. Average Prices Of PMS, AGO, HHK and Cooking Gas - February 2020
  7. Headline Inflation Increases By 12.20% YoY In February 2020; 0.07% Higher Than January 2020 Rate
  8. FAAC Disburses N716.30bn in January 2020 - NBS
  9. FAAC Disburses N2.93trn to FG in 2019 - NBS
  10. Total Value of Capital Imported in Q4 2019 Stood At $3,802.38m - NBS
  11. FAAC Disburses N650.83bn in December 2019 - NBS
  12. Nigeria's Merchandise Trade Grew in Q4 2019; Imports Rose Faster Exceeding Falling Exports
  13. Nigeria's GDP Grew By 2.55% in Real Terms in Q4 2019 and 2.27% in Full Year 2019
  14. Average Prices of 1kg of Tomato Decreased By -10.65% YoY to N237.22 in Jan 2020 - NBS
  15. Average Prices Of PMS, AGO, HHK and Cooking Gas - January 2020
  16. Headline Inflation Increases By 12.13% YoY In January 2020; 0.15% Higher Than December 2019 Rate
  17. N293.80bn Generated as IGR in Q3 2019 - NBS
  18. Nigeria's Total Public Debt Stood At N26.14trn in Q3 2019 - NBS
  19. Average Intercity Fare Increases By 1.43% MoM To N1, 666.57 In December 2019
  20. Average Price of 1kg of Tomato Decrease YoY by -2.80% To N263.90 In December 2019
  21. All Commodity Group Index Grew By 2.48% in Q3 2019
  22. Average Prices Of PMS, AGO, HHK and Cooking Gas - December 2019
  23. Headline Inflation Increases By 11.98% YoY In December 2019; 0.13% Higher Than November 2019 Rate

 

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