By Tanko Mohammed
The National Bureau of Statistics (NBS) says the Consumer Price Index (CPI) which measures inflation increased to 12.40 per cent year-on-year in May 2020.
The NBS made this known in its latest CPI report released on Wednesday.
The bureau said this was 0.06 per cent points higher than the rate recorded in April which was 12.34 per cent.
It stated that the increases were recorded in all Classification of Individuals Consumption by Purpose (COICOP) divisions that yielded the headline index.
It added that on month-on-month basis, the Headline index increased by 1.17 per cent in May 2020, which was 0.15 per cent rate higher than the rate recorded in April 2020 which was 1.02 per cent.
According to the bureau, the percentage change in the average composite CPI for the 12 months period ending May 2020 over the average of the CPI for the previous 12 months period was 11.79 per cent, showing 0.08 points from 11.71 per cent recorded in April 2020.
“The urban inflation rate increased by 13.03 per cent year-on-year in May 2020 from 13.01 per cent recorded in April 2020, while the rural inflation rate increased by 11.83 per cent in May 2020 from 11.73 per cent in April 2020.
“On a month-on-month basis, the urban index rose by 1.18 per cent in May 2020, up by 0.12 points from 1.06 per cent recorded in April 2020, while the rural index also rose by 1.16 per cent in May 2020 up by 0.18 points from the rate recorded in April 2020 which was 0.90 per cent,” it explained.