The National Bureau of Statistics (NBS), says the consumer price index (CPI) which measured inflation increased to 11.40 per cent (year-on-year) in May from 11.37 per cent recorded in April.
The NBS made this known in its “CPI and Inflation Report’’ for May released in Abuja on Monday on its website. The bureau said the figure was 0.03 per cent points higher than the 11.37 recorded in April in the period under review. It said the increases were recorded in all classification of individual consumption by purpose (COICOP) divisions that yielded the headline index.
On a month-on-month basis, it said the headline index increased to 1.11 per cent in the period under review by 0.17 per cent points from 0.94 per cent recorded in April. It said the percentage change in the average composite CPI for the 12 months period ended May over the average of CPI for the previous 12 months period.
It, however, measured the CPI at 11.30 per cent in the period under review, indicating a 0.01 per cent decline from 11.31 per cent recorded in April. According to the NBS, the CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living.
It said the construction of the CPI combines economic theory, sampling and other statistical techniques, using data from other surveys to produce a weighted measure of average price changes in the Nigerian economy. It added that the production of the CPI requires skills of economists, statisticians, computer scientists and data collectors, among others
Oil prices fall as demand outlook worsens in US
Opay finally gives in to harsh economic environment, suspends Nigeria operations
NLC demands return to old petrol price, flays price increase
New fuel price band signals Nigeria's gradual exit from subsidy regime
Moody's warns Nigerian banks vulnerable in face of forex liquidity pressures akin to 2016-2017 crisi...
Ekiti State, UNOPS, SHS sign $2bn deal to build 50,000 affordable homes in 10 years
A cloudy second half as Nigeria navigates through coronavirus storm
Three-man panel to review AfDB's Adesina probe
Nigeria, other African oil exporters’ll lose $34bn – IMF
Nigeria bourse down N398bn in June as anticipated poor half-year earnings pare stocks
- Revenue drive: IMF asks Nigeria to reduce tax pressure on Nigeria as…
- Nigeria, other African oil exporters’ll lose $34bn – IMF
- A cloudy second half as Nigeria navigates through coronavirus storm
- Opay finally gives in to harsh economic environment, suspends Nigeria operations
- New fuel price band signals Nigeria's gradual exit from subsidy regime