….. as Kogi State recorded the highest food inflation of 22.79%
The National Bureau of Statistics (NBS) reported on Wednesday that Nigeria’s consumer price index (CPI), which measures the rate of inflation, surged to 17.71 percent year-on-year (Y-o-Y) in May from the 16.82 percent recorded in the preceding month, representing the highest level in 11 months.
In its just published Consumer Price Index report for the month, the statistics agency indicated that the 17.71% year-on-year rate in May, was 0.89% points higher than the 16.82% recorded in the preceding month.
This is even as it reported that on a month-on-month basis, the headline index increased by 1.78% in the month under review, compared to the 1.76% increase recorded in April 2022.
The CPI report, based on urban and rural general price levels, showed that the urban inflation rate rose to 18.24% year-on-year during the month in review, representing a 0.27% decline compared to 18.51% recorded in the corresponding month of last year.
Similarly, the rural inflation increased to 17.21% year-on-year in May this year, which is a 0.15% decline compared to 17.36% recorded in the corresponding month of 2021.
On food inflation, the NBS, reported that the food index rose by 19.5% year-on-year in the month under review, representing a 1.13% points uptick compared to 18.37% recorded in April but 2.78% dip compared to the 22.28 percent recorded in the corresponding period of 2021.
It attributed the rise in the food index to increases in prices of Bread and cereals, Food products, Potatoes, Yam, and other tubers, Wine, Fish, Meat, and Oils.
According to the Nigeria national statistical system coordinating agency, on a month-on-month basis, the food sub-index increased to 2.01% in May 2022, up by 0.01% points from 2.0% recorded in April while the average annual rate of change of the sub-index for the 12-month period ended May 2022 over the previous 12-month average stood at 18.68%, 0.05% points decline from the average annual rate of 19.18% change recorded in May 2021.
It also clarified that Core inflation or “All items less farm produce” in the month, which excludes the prices of volatile agricultural produce, rose to 14.9% year-on-year, up by 0.72% points from the 14.18% recorded in the preceding month and 1.75% points higher than the 13.15% recorded in May 2021.
In the month under review, the highest increases were recorded in prices of Gas, Liquid fuel, Garment, Solid fuel, Cleaning, Repair and Hire of clothing and Passenger transport by road.
The average 12-month annual rate of change of the index was 13.83% for the twelve-month period ending May 2022; this is 2.33% points higher than 11.5% recorded in May 2021.
According to the Bureau, in terms of all-items inflation, Bauchi State recorded the highest at 20.62% in the month under review and was closely followed by Akwa Ibom and Rivers States with 20.34% and 19.95% respectively while Kwara (15.45%), Kaduna (15.69%) and Jigawa (16.15%) recorded the slowest rise in headline year-on-year inflation
However, it reported that the food index showed that Kogi State recorded the highest food inflation in May with 22.79%, followed by Akwa Ibom at 22.47% and Kwara State with 22.21%. On the flip side, Kaduna (16.46%), Anambra (16.54%) and Jigawa (16.91%) recorded the slowest rise in year-on-year food inflation.
