According to the national inflation report just released by The National Bureau of Statistics (NBS) the May 2019 inflation report, shows that Nigeria’s headline consumer price (CPI) index expanded for the second consecutive month. Specifically, headline inflation was 11.40% y/y in May, expanding from 11.37% y/y in April.
On a month-on-month basis, the headline index rose faster by 1.11% (April 2019: 0.94%) – highest month-on-month jump since July 2018.
Food inflation rose by 13.79% y/y in the review period, a sharper increase relative to 13.70% y/y recorded in April. Notably, the highest increases were recorded in the prices of Meat, Fish, Oils and fats, Bread and cereals, Milk, Cheese and Egg, Potatoes, Yam and other tubers. On a month-on-month basis, food inflation increased faster by 1.41%, relative to the 1.14% recorded in the previous month.
Core inflation further tapered to 9.0% y/y (vs. 9.3% in April). The highest increases were recorded in the prices of Medical and Dental services, Hospital services, Rent for housing, Cleaning, Repair, and Hire of Clothing, Tobacco, and Major household services. On m/m basis, the core index increased by 0.75%, 5 bps higher than 0.70% reported in April.