The nation’s Composite Price Index, CPI, which measures inflation, soared in May, up by 9.0 per cent (year-on-year) for the sixth consecutive month.
This rise represens 0.3 percentage points from the 8.7 per cent rate recorded in April.
The National Bureau of Statistics, NBS, which released the CPI rate, attributed the faster pace of the Headline index to increases in most Classification of Individual Consumption by Purpose (COICOP) divisions that contributed to the index, with the exception of those in the communications division.
The Headline Index is made up of the Core Index and Farm Produce items.
According to the NBS, the faster pace of increases in the COICOP divisions were also observed in the Food and Core sub-indices as food prices edged higher in the month under review due to the late onset of rains which pushed back the harvest season coupled with higher transportation costs associated with the prevailing Premium Motor Spirit, PMS, (petrol) scarcity nationwide.
Specifically, the agency reported that the Food Sub-index leaped by 9.8 per cent (year-on-year) during the period, up by 0.3 percentage points from 9.5 per cent recorded in April, adding that though all groups within the sub-index increased at a faster pace, the highest year-on-year rises were recorded in the fish, potato, yam and tuber, and meat groups.
On advances recorded by the “All Items less Farm Produce” or Core sub-index, the national statistics producing agency reported that the Core sub-index increased for the fifth consecutive month in May, increasing by 8.3 per cent (yearon- year), 0.6 percentage points from 7.7 percent recorded in April, with the highest pressures observed in the Housing, Water, Electricity, Gas and Other Fuels; Alcoholic Beverage, Tobacco and Kola; and Transportation divisions.
The bureau revealed that on a month-to-month basis, the Headline index increased by 1.1 per cent in the month under review; the largest month-onmonth increase recorded since June 2012 due to increased PMS prices and the resulting knock-on effects on the prices of other consumer items.
