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Inflation rose by 12.4% year-on-year in May — NBS

By Anthony Isaac

Nigeria’s Consumer Price Index, (CPI) which measures inflation, increased by 12.4 percent (year-on-year) in May 2020, the National Bureau of Statistics (NBS) has reported.

The NBS in the report released on Wednesday morning, said that the increase 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 increase was pushed by the rise in the prices of food items including cooking oil and fat, fish, yam, potatoes and other tubers, vegetables, fruits, and bread and cereals.

Inflation for the food sub-index rose by 15.04 percent year-on-year and 1.42 percent month-on-month.

The core sub-index rose by 10.12 percent year-on-year and 0.88 percent month-on-month with highest price increases recorded in passengers transportation, pharmaceutical services, hospital services, among others.

In the Urban Index inflation rose by 13.03 percent year-on-year and 1.18 percent month-on-month while in the Rural Index rose by 11.83 percent year-on-year and 1.16 percent month-on-month.

Across the states, inflation (year-on-year) was highest in Rivers with 14.69 percent while Bauchi (14.91%), Ebonyi, Kogi and Plateau had 13.87 percent inflation.

The least affected states were Kwara (10.58%), Adamawa (11.10%) and Benue (11.13%).

Written by ExpressDay

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