Nigeria Inflation Drops To 9% In May

Nigeria’s Inflation has dropped to 9 percent from its 9.1 percent in April, the National Bureau of Statistics has said.

According to the NBS Consumer Price Index (CPI) report for May, the year-on-year movement has continued at single digits, even as the core sub-index continued to show a muted rise due to base effects.


The report said: “The CPI, which measures inflation, rose by 9.0 per cent year-on-year in May, slightly below the 9.1 per cent rate recorded in April.

“The increase in food prices captured by the Food Sub-index, while significant, is also lower year-on-year. Through the first five months of 2013, the Food Sub-index has averaged 10.0 per cent, 1.8 per cent lower than rates recorded over the same period last year.”

"All items less Farm Produce” or Core index, which excludes the prices of volatile agricultural products, increased by 6.2 per cent year-on-year.

"This was lower than the 6.9 per cent recorded in April by 0.7 percentage points. This is the third consecutive month of muted year-on-year changes in the Core sub-index due to base effects. On a month-on-month basis, the Core index increased by 0.5 per cent from April to May.

NBS further stated that the urban CPI was recorded at 144.5 points in May, a 9.4 per cent year-on-year change.

“This was lower than the 9.7 per cent recorded in April. The corresponding Rural National CPI recorded 8.6 per cent year-on-year change, lower than the 8.9 per cent in April by 0.3 percentage points.

“On a month-on-month basis, the Urban All-item Index increased in May by roughly the same rate as recorded in April (0.6 per cent); while the Rural All Items Index increased from levels recorded in April by 0.5 per cent.”

The average 12 month annual rate of rise of the CPI was recorded at 11.5 per cent for the twelve-month period ending in May 2013, down by 0.8 percentage points from the 12.3 per cent recorded in April 2013, NBS also noted.

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