Headline Inflation Increases By 12.40% year-on-year In May 2020; 0.06% Higher Than April 2020 Rate.
Headline inflation grew by 12.40% YoY in May 2020; 0.06% higher than 12.34% recorded in the previous month.
Food inflation grew by 15.04% YoY in May 2020; 0.01% higher than 15.03% recorded in the previous month.
Core inflation grew by 10.12% YoY in May 2020; 0.14% higher than 9.98% recorded in the previous month.
In May 2020, the headline inflation increased by 1.17 % MoM, this is 0.15% higher than the rate of 1.02% recorded in the previous month. The yearly average rose to 11.79% this current month, this is 0.08% greater than 11.71% recorded in the previous month.
Food Inflation
In May 2020, the food index rose by 1.42% MoM, this is 0.24% higher than the rate of 1.18% recorded in the previous month. The yearly average rose to 14.33% this current month, this is 0.11% greater than 14.22% recorded in the previous month.
Core Inflation
Core inflation excludes prices of volatile farm products. In May 2020, this index still recorded a marginal increase by 10.12% up 0.14% from 9.98% recorded in April 2020. The yearly average rose to 9.27% this current month, this is 0.1% greater than 9.17% recorded in the previous month.
State Profiles (Worst hit)
In May 2020, all items inflation on year on year basis was highest in Rivers (14.69%), Bauchi (14.91%) and Ebonyi, Kogi and Plateau (13.87%), while Benue (11.13%), Adamawa (11.10%) and Kwara (10.58%) recorded the slowest rise in headline Year on Year inflation.
On month on month basis, however, May 2020 all items inflation was highest in Bayelsa (2.33%), Delta (2.03%) and Ebonyi (2.00%), while Oyo (0.48%), Akwa Ibom (0.47%) and Zamfara (0.35%) recorded the slowest rise in headline month on month inflation.
In May 2020, food inflation on a year on year basis was highest in Abuja (18.13%), Osun (17.40%) and Imo (17.13%), while Abia (13.46%), Bauchi (12.97%) and Kaduna (12.97%) recorded the slowest rise.
On month on month basis, however, May 2020 food inflation was highest in Ebonyi (3.43%), Bayelsa (3.21%) and Edo (2.74%), while Zamfara (0.22) and Abia (0.21%) recorded the slowest rise with Akwa Ibom recording price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).
