The National Bureau of Statistics on Sunday released the Consumer Price Index for the Month of May, saying the country’s inflation rate now stood at nine per cent.
The NBS, in the report signed by the Statistician-General of the Federation, Dr. Yemi Kale, said the nine per cent CPI for the month of May represented a slight decrease over the 9.1 per cent recorded in the preceding month.
The report stated that year-on-year, the rates continued to hold below single digits, adding that the core sub-index continued to show a muted rise due to base effects.
It 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.”
The report also stated that the urban CPI was recorded at 144.5 points in May, a 9.4 per cent year-on-year change.
It stated, “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.”
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