The rate at which prices of goods and services in the country rises continues to decline but at a slower rate as May inflation rate stood at 17.93 per cent, 0.19 per cent lower compared to 18.12 per cent which it was in April, this year.
Latest data by the National Bureau of Statistics (NBS) showed that inflation was highest in Kogi state which recorded a 25.13 per cent inflation and lowest in Delta state which had an inflation rate of 14.85 per cent in May
According to the NBS, increases were recorded in all COICOP divisions that yielded the headline index. On month on month basis, the headline index increased by 1.01 per cent in May 2021. This is 0.04 percentage points higher than 0.97 per cent recorded in April 2021.
Food prices remained high as composite food index stood at 22.28 per cent in May, lower than 22.72 per cent recorded in April. On a month-on-month basis, the food sub-index increased by 1.05 per cent in May 2021, up by 0.06 per cent points from 0.99 per cent recorded in April 2021.
Year on year, the urban inflation rate increased by 18.51 per cent in May 2021 from 18.68 per cent recorded in April 2021, while the rural inflation rate increased by 17.36 per cent in May 2021 from 17.57 per cent in April 2021.
On a month-on-month basis, the urban index rose by 1.04 per cent in May 2021, up by 0.05 percentage points compared to the rate recorded in April 2021 (0.99), while the rural index rose by 0.98 percent in May 2021, up by 0.03 points compared to 0.95 per cent that was recorded in April 2021.
Core inflation, which excludes the prices of volatile agricultural produce stood at 13.15 percent in May 2021, up by 0.41 percent when compared with 12.74 percent recorded in April 2021.
core sub-index had increased by 1.24 per cent in May 2021.
was up by 0.25 percent when compared with 0.99 percent recorded in April 2021.
The highest increases were recorded in prices of Pharmaceutical products, Garments, Shoes and other footwear, Hairdressing salons and personal grooming establishments, Furniture and furnishing, Carpet and other floor covering, Motor cars, Hospital services, Fuels and lubricants for personal transport equipment, Cleaning, repair and hire of clothing, Other services in respect of personal transport equipment, Gas, Household textile and Non durable household goods.