SAN FRANCISCO, June 17, (THEWILL) – The National Bureau of Statistics (NBS) has revealed that the consumer price index, (CPI) which measures inflation increased by 12.40 percent (year-on-year) in May 2020.
According to its Consumer Price Index May 2020 report, this present figure is 0.06 percent points higher than the rate recorded in April 2020 (12.34) per cent.
The report said on month-on-month basis, the Headline index increased by 1.17 percent in May 2020, this is 0.15 percent rate higher than the rate recorded in April 2020 (1.02) percent.
NBS noted that the “urban inflation rate increased by 13.03 percent (year-on-year) in May 2020 from 13.01 percent recorded in April 2020, while the rural inflation rate increased by 11.83 percent in May 2020 from 11.73 percent in April 2020.
“On a month-on-month basis, the urban index rose by 1.18 percent in May 2020, up by 0.12 points from 1.06 percent recorded in April 2020, while the rural index also rose by 1.16 percent in May 2020, up by 0.18 points from the rate recorded in April 2020 (0.90 percent).”
The corresponding twelve-month year-on-year average percentage change for the urban index is 12.36 percent in May 2020 which is higher than 12.26 percent reported in April 2020, while the corresponding rural inflation rate in May 2020 is 11.26 percent compared to 11.20 percent recorded in April 2020.
In the period under review, NBS said the percentage change in the average composite CPI for the twelve months period ending May 2020 over the average of the CPI for the previous twelve months period was 11.79 percent, showing 0.08 percent point from 11.71 percent recorded in April 2020.
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The document said: “Composite food index rose by 15.04 percent year on year in May 2020 compared to 15.03 percent in April 2020.
“This rise in the food index was caused by increases in prices of Bread and cereals, Potatoes, Yam and other tubers, Oils and fats, Fruits, Fish and Meat.”
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