Written by Sarah NEGEDU

Food index shaky, as inflation rate slides

 

In spite the steady decline in inflation rate recorded in recent time in Nigeria, food index have continued to swing, resulting in unstable food prices across most markets in the country.

For instance the food index rose from 15.13percent in January this year, to as high as 17.59percent in February. The country later experienced a major decline in food index the following month, dropping to 13.34percent in March and another 12.48percent decline in April this year.

The latest Consumer Price Index, released by the National Bureau of Statistics, NBS, shows food index again swaying to the negative. Food index rose by 13.45 percent year-on-year in May, mostly to the increase in prices of potatoes, yam and other tubers, vegetables, fish, bread and cereals, fruits and meat.

On a month-on-month basis, the food index increased by 1.33 percent in May, up by 0.42percent points from 0.91percent recorded in April.

The CPI report reports that inflation rate dropped for the 16th consecutive month in May 2018 to hit 11.16percent in May 2018, away from the 13.34percent recorded in the previous month.

The report read in part, “The Consumer Price Index, which measures inflation, increased by 11.61 percent year-on-year in May 2018. This is 0.87percent points less than the 13.34percent recorded in April, and represents the sixteenth consecutive disinflation since January 2017.”

Analysis of the NBS report show that on a month-on-month basis, the Headline index increased by 1.09 percent in May 2018, up by 0.26percent points from the rate recorded in April 2018.

The percentage change in the average composite CPI for the 12 months period ending May 2018 over the average the average of the CPI for the previous 12 months period was 14.79 percent, showing 0.41 percent point lower from 15.20percent recorded in April 2018.

On month-on-month basis, the urban index rose by 1.10percent in May 2018, up by 0.25 from 0.85percent recorded April, while the rural index also rose by 1.08percent in May 2018, up by 0.26percent from the rate recorded in April (0.82) percent.

The corresponding 12 -month year-on-year average percentage change for the urban index is 15.10 per cent in May 2018. This is less than 15.47 per cent reported in April, while the corresponding rural inflation rate in May 2018 is 14.53 per cent compared to 14.95 per cent recorded in April.

The report stated that in May, inflation was highest in Kebbi (14.65percent), Yobe (13.68percent) and Jigawa (13.62percent).

However, it stated that Kwara, Kogi and Delta recorded the slowest rise in the headline year-on-year inflation at 8.87percent, 9.07percent and 9.22percent, respectively.

On month-on-month basis, inflation was highest in Adamawa (1.98percent), Kwara (1.79 per cent), and Kaduna (1.70percent), while Kogi (0.02 percent), Lagos and Ogun (0.52percent each) and Cross River (0.56percent) recorded the slowest rise in inflation. index shaky, as inflation rate slides

In spite the steady decline in inflation rate recorded in recent time in Nigeria, food index have continued to swing, resulting in unstable food prices across most markets in the country.

For instance the food index rose from 15.13percent in January this year, to as high as 17.59percent in February. The country later experienced a major decline in food index the following month, dropping to 13.34percent in March and another 12.48percent decline in April this year.

The latest Consumer Price Index, released by the National Bureau of Statistics, NBS, shows food index again swaying to the negative. Food index rose by 13.45 percent year-on-year in May, mostly to the increase in prices of potatoes, yam and other tubers, vegetables, fish, bread and cereals, fruits and meat.

On a month-on-month basis, the food index increased by 1.33 percent in May, up by 0.42percent points from 0.91percent recorded in April.

The CPI report reports that inflation rate dropped for the 16th consecutive month in May 2018 to hit 11.16percent in May 2018, away from the 13.34percent recorded in the previous month.

The report read in part, “The Consumer Price Index, which measures inflation, increased by 11.61 percent year-on-year in May 2018. This is 0.87percent points less than the 13.34percent recorded in April, and represents the sixteenth consecutive disinflation since January 2017.”

Analysis of the NBS report show that on a month-on-month basis, the Headline index increased by 1.09 percent in May 2018, up by 0.26percent points from the rate recorded in April 2018.

The percentage change in the average composite CPI for the 12 months period ending May 2018 over the average the average of the CPI for the previous 12 months period was 14.79 percent, showing 0.41 percent point lower from 15.20percent recorded in April 2018.

On month-on-month basis, the urban index rose by 1.10percent in May 2018, up by 0.25 from 0.85percent recorded April, while the rural index also rose by 1.08percent in May 2018, up by 0.26percent from the rate recorded in April (0.82) percent.

The corresponding 12 -month year-on-year average percentage change for the urban index is 15.10 per cent in May 2018. This is less than 15.47 per cent reported in April, while the corresponding rural inflation rate in May 2018 is 14.53 per cent compared to 14.95 per cent recorded in April.

The report stated that in May, inflation was highest in Kebbi (14.65percent), Yobe (13.68percent) and Jigawa (13.62percent).

However, it stated that Kwara, Kogi and Delta recorded the slowest rise in the headline year-on-year inflation at 8.87percent, 9.07percent and 9.22percent, respectively.

On month-on-month basis, inflation was highest in Adamawa (1.98percent), Kwara (1.79 per cent), and Kaduna (1.70percent), while Kogi (0.02 percent), Lagos and Ogun (0.52percent each) and Cross River (0.56percent) recorded the slowest rise in inflation.

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