Nigeria’s inflation rate records fourth consecutive decline at 16.25 percent in May compared to 17.24 percent in April

THE Consumer Price Index, CPI, which measures inflation increased by 16.25 percent (year-on-year) in May 2017, according to the National Bureau of Statistics, NBS. This was 0.99 percent points lower than the rate recorded in April (17.24percent). Accordingly, this represents the fourth consecutive decline in the rate of inflation since January 2017.

The NBS which released the inflation figures on its website today stated that on a month-on-month basis, the Headline index increased by 1.88 percent in May 2017, 0.28 percent points higher than the rate of 1.60 percent recorded in April 2017 indicating the existence of persistence pressure on prices despite the general decline in year on year inflation. Month on Mont inflation has cumulatively risen by 7.7% since January 2017

The NBS national household Kerosene price watch in May 2017 showed that average price per litre paid by consumers for increased by 8.01 percent month-on- month and by 30.49 percent year-on-year to N303.29 in May 2017 from N280.80 in April 2017.

States with the highest average price per litre of kerosene were Anambra (N334.52), Kwara (N323.81) and Bauchi (321.67).

States with the lowest average price per litre of kerosene were Osun (N273.96), Oyo (N271.15) and Sokoto (N261.90).

Also, the NBS Automotive Gas Oil (Diesel) Price Watch for the period showed that the average price paid by consumers for automotive gas oil (diesel) decreased by 5.65 percent month-on-month and increased by 45.35 percent year-on-year to N216.30 in May 2017 from N229.25 in April 2017.

States with the highest average price of diesel were Adamawa (N236.67), Niger (N236.43) and Sokoto (255.71) while
States with the lowest average price of diesel were Gombe and Yobe (N200.00), Delta (N200.83) and Anambra (N200.56).

Selected food price watch data for the period reflected that the average price of 1 dozen of Agric eggs medium size increased year-on-year by 41.27 percent and month-on-month by 0.78 percent to N522.71 in May 2017 from N518.66 in April 2017 while the average price of piece of Agric eggs medium size (price of one) increased year-on-year by 34.58 percent and decreased month-on-month by 1.05 percent to N45.73 in May 2017 from N46.22 in April 2017.

The average price of 1kg of tomato decreased year-on-year by 13.04percent and increased month-on-month by 18.90 percent to N339.72 in May 2017 from N285.72 in April 2017.

The premium motor spirit (Petrol) price watch for the month under review showed tha average price paid by consumers for premium motor spirit (petrol) increased by 0.3 percent year-on-year and
increased by 0.5 percent month-on-month to N150.7 in May 2017 from N149.9 in April 2017.

States with the highest average price of premium motor spirit (petrol) were Gombe (N172.5), Taraba (N162.00)
and Adamawa and Borno (160).

States with the lowest average price of premium motor spirit (petrol) were Abuja, Delta, Ekiti, Katsina, Ogun,  Lagos and Osun (N145.3), Ondo (N145.31) and Edo and Oyo (N145.33).

The transport fare watch report for May covers the following categories namely bus journey within the city per drop constant route ; bus journey intercity, state route, charge per person; air fare charge for specified routes single journey; journey by motorcycle (okada) per drop; and water way passenger transport.

Average fare paid by commuters for bus journey within the city decreased by 2.72 percent month-on-month and increased by 48.78 percent year-on-year to N131.00 in May 2017 from N134.66 in April 2017.

– June 15, 2017 @ 2:30 GMT