June 17, 2020/NBS

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.

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).

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..

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).

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