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Inflation rate stands at 9.0% – NBS

By on June 18, 2013

Nigeria’s inflation rate stood at 9.0 per cent in May against the 9.1 per cent recorded in April, Dr Yemi Kale, Statistician-General of the Federation has said.

Kale, in a statement in Abuja, said this indicated that year-on-year rate was still below single digit as observed since the beginning of the year.

The statement said that the Composite Price Index (CPI), which measures the inflation rate, showed that the Core Sub-index continued to show a muted rise due to base effects.

“The year-on-year muted changes for the rest of the year in the Core Index may be sustained until the end of the year due to substantially higher price levels this time last year. As stated in the April 2013 CPI Report, the year-on-year changes in the Core Index for the rest of the year are likely to be muted as a result of substantially higher price levels this time last year.

“The increase in food prices captured by the Food Sub-index, while significant, are also lower year-on-year. Through the first five months of 2013, the Food Sub-index averaged 10.0 per cent, 1.8 per cent lower than rates recorded during the same period last year,’’ it stated According to the National Bureau of Statistics (NBS), relative to April, the rise in the Headline Index could be attributable to higher prices in all 12 COICOP divisions.

“Higher prices were also reflected in the Food and Core Sub-indices. All divisions (except the food and non-alcoholic beverages) rose faster than levels exhibited in April. This is also reflected in the faster month-on-month rates in the Core Sub Index in May vis-à-vis April. On the other hand, the Food Sub-index indicates a slower rate of increase in food prices in May relative to April”, it added. The bureau said that in May, the Composite CPI increased by a faster rate than the figure recorded in the preceding month as the index increased by 0.67 per cent compared to the 0.5 per cent recorded in April.