FG; Inflation Rate Increases by 0.1%

The National Bureau of Statistics (NBS) disclosed that the inflation rate has increased by 0.1% in May at 8.0% from 7.9% recorded in April.

The Statistician-General of the Federation, Dr Yemi Kale Kale who gave this statement said ‘’ The price increases seen in may were as a result of higher prices in groups that contribute to both the food and core sub-indices .

‘’Specifically, food edged higher to 9.7% up from 9.4% in April. Prices were pushed higher as a result of higher prices in the bread and cereals, fish, dairy, fruits and vegetable groups’’

Dr Kale also said that the price increases in the food sub-index were weighed down by slower increases in meats, oils, fats, potatoes, yam and other tubers classes.

He added that prices that were measured by the Core Sub-index increased at a faster rate in May from what it was in April. The groups that contributed to the increase in the Core Sun-Index included furniture and furnishings, garments, rental prices, as well as liquid and solid fuels.

‘’Urban prices increased at a faster rate in May, 8.2% up 0.3% points from April, after growing at a constant rate in March and April (7.9% year-on-year). Rural prices increased by 7.8% in May, also up by 0.3% points in April, and fastest since January 2014.

‘’on a month-on-month basis, movements in the urban and rural indices have largely mirrored the headline index this year’’ Dr Kale said.

The urban and rural all-items indices rose by 0.8% and 0.77% respectively in May. This was about 0.2% points higher than the rates recorded in April.

myfinancialintelligence.com