The consumer price index, (CPI) which measures inflation increased by 11.40 percent (year-on-year) in May 2019. This is 0.03 percent points higher than the rate recorded in April 2019 (11.37 percent).

Increases were recorded in all COICOP divisions that yielded the Headline index.

On a month-on-month basis, the Headline index increased by 1.11 percent in May 2019. This is 0.17 percent rate higher than the rate recorded in April 2019 (0.94 percent).

The percentage change in the average composite CPI for the twelve months period ending May 2019, over the average of the CPI for the previous twelve months period was 11.30 percent, 0.01 percent points from 11.31 percent recorded in April 2019.

The urban inflation rate increased by 11.76 percent (year-on-year) in May 2019 from 11.70 percent recorded in April 2019, while the rural inflation rate increased by 11.07 percent in May 2019 from 11.08 percent in April 2019.

On a month-on-month basis, the urban index rose by 1.15 percent in May 2019, up by 0.15 points from 1.00 percent recorded in April 2019, while the rural index also rose by 1.07 percent in May 2019, up by 0.17 from the rate recorded in April 2019 (0.90 percent).

The corresponding twelve-month year-on-year average percentage change for the urban index was 11.66 percent in May 2019. This is less than the 11.69 percent reported in April 2019, while the corresponding rural inflation rate in May 2019 is 10.99 percent compared to 11.00 percent recorded in April 2019.

Food Index

The composite food index rose by 13.79 percent in May 2019 compared to 13.70 percent in April 2019.

This rise in the food index was caused by increases in prices of Meat, Oils and fats, Bread and cereals, Potatoes, yam and other tubers, Fish, Milk, cheese and egg, and Vegetables.

On a month-on-month basis, the food sub-index increased by 1.41 percent in May 2019, up by 0.27 percent points from 1.14 percent recorded in April 2019.

The average annual rate of change of the Food sub-index for the twelve-month period ending May 2019 over the previous twelve-month average was 13.37 percent, 0.03 percent points from the average annual rate of change recorded in April 2019 (13.34 percent).

All Items Less Farm Produce

The ‘’All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 9.0 percent in May 2019, down by 0.3 percent when compared with 9.3 percent recorded in April 2019.

On a month-on-month basis, the core sub-index increased by 0.75 percent in May 2019. This was up by 0.05 percent when compared with 0.70 percent recorded in April 2019.

The highest increases were recorded in prices of Domestic and household services, Tobacco, Actual and imputed rentals for housing, Medical, Dental and Hospital services, Cleaning, repair and hire of clothing, Repair and hire of footwear and Repair of household appliance.

The average 12-month annual rate of change of the index was 9.77 percent for the twelve-month period ending May 2019; this is 0.14 percent points lower than 9.91 percent recorded in April 2019.

State Profiles

In analysing price movements under this section, note that the CPI is weighted by consumption expenditure patterns which differ across states. Accordingly, the weight assigned to a particular food or non-food item may differ from state to state making interstate comparisons of consumption basket inadvisable and potentially misleading.

All Items Inflation

In May 2019, all items inflation on year on year basis was highest in Kebbi (15.76%), Bauchi (14.97%) and Kaduna (13.74%), while Abia (9.91%), Cross River (9.68%) and Kwara (8.45%) recorded the slowest rise in headline Year on Year inflation.

On month on month basis however, May 2019 all items inflation was highest in Bauchi (1.76%), Gombe (1.69%) and Niger (1.65%), while Kogi (0.59%), Benue (0.48%) recorded the slowest rise  with Kwara recording food price deflation or negative inflation (general decrease in the general price level of goods and services or a negative inflation rate).

Food Inflation

In May 2019, food inflation on a year on year basis was highest in Kaduna (17.10%), Kebbi (18.90%) and Gombe (16.90%), while Kogi (11.80%), Rivers (11.70%) and Abia (10.90%) recorded the slowest rise.

On month on month basis however, May 2019 food inflation was highest in Kano (2.39%), Gombe (2.33%) and Kaduna (2.27%), while Kogi (0.68) and Benue (0.24%) recorded the slowest rise with Kwara recording food price deflation or negative inflation (general decrease in the general price level of goods and services or a negative inflation rate).

SOURCE: https://brandspurng.com/2019/06/17/nigerian-consumer-inflation-edges-up-to-11-4-in-may-nbs/

Dis kain thing no dey ever leave 9ja ..... Wetin be out offence sef

for real

This is not a piece of good news for the household.

Rank your business on Google
guarantee, chat up now

Next level is coming so hard like a flood only the strong and prayerful will survive..

Hmm, God help us

The fact is that Buhari lacks the intelligence and modern day leadership ideas required to revamp our ailing economy...

Nigeria is doomed

we're getting there, next level things.
God is watching Mr BUHARI with 5g network.

ZombieTERROR:
The fact is that Buhari lacks the intelligence and modern day leadership ideas required to revamp our ailing economy...

Nigeria is doomed

Lol this country that has been eaten up by Buhari's core tribalism. No leader has exhibited tribalism like this man. Him and his team are so tribalistic.

No other leader was like this man. A man deeply eaten by hate can never ever produce positive thoughts.

What the heck is 11.4%? Who will believe your goddamned data?! 11.4% versus what? 11.4% as at when?

Go to the street and do a better survey! If you say 35% increase now, I can believe you.

That's how you will go to Wikipedia and you will see Nigeria unemployment rate at 23% when reality is about 70%.

11.4% inflation rate kii you there!

I don't know why economists prefer to measure inflation over a period of one month when it actually makes sense to measure inflation in:
One Year
Ten Years
And
Twenty Years.

One can measure properly market values using this yardstick

By now, a 10 year inflation status of Nigeria will be about 1349% while a 20 years inflation would be about 6300%

Who is fooling who?

#THE SATANIC NEXT LEVEL JUST BEGUN!

I need to relocate ASAP.
I don't know if this is bad omen.

This government will do everything to make sure that inflation rate is reduced to one digit. I have confidence in Buhari and Osinbajo that they will put every machinery in place so that everyone will be happy at the end of the day.
No fear; God is with this government and every reasonable Nigerian.

Who told them the CPI is used in.measuring inflation...?

Naida only starting computing CPI since okonjo iweala'ssecond coming...

CPI is used in measuring the marginal propensity to comsume...nd not inflation.

It calculate how viable consumers are will to spend

The good thing is that this inflation won't differentiate between igbos, Yorubas or hausas. Only the poor and the elites will be differentiated.

cooldipo:
Dis kain thing no dey ever leave 9ja ..... Wetin be out offence sef

Our offense is we keep voting wrong person to power bro.

That is our offense.

shadeyinka:
I don't know why economists prefer to measure inflation over a period of one month when it actually makes sense to measure inflation in:
One Year
Ten Years
And
Twenty Years.

One can measure properly market values using this yardstick

By now, a 10 year inflation status of Nigeria will be about 1349% while a 20 years inflation would be about 6300%

Who is fooling who?

Did you read what is up there?

WinningSun:


Did you read what is up there?

Yes!
Consumer inflation (consumer price index- CPI) for the month of May 2019 at 11.4%

Do you feel it's realistic measuring inflation over a short period of time (like one month) as a means of judging the performance of an economy?

shadeyinka:

Yes!
Consumer inflation (consumer price index- CPI) for the month of May 2019 at 11.4%

Do you feel it's realistic measuring inflation over a short period of time (like one month) as a means of judging the performance of an economy?

On a month-on-month basis, the Headline index increased by 1.11 percent in May 2019. This is 0.17 percent rate higher than the rate recorded in April 2019 (0.94 percent).

As to your question yes. So that you can control and make fast decisions.

WinningSun:


On a month-on-month basis, the Headline index increased by 1.11 percent in May 2019. This is 0.17 percent rate higher than the rate recorded in April 2019 (0.94 percent).

As to your question yes. So that you can control and make fast decisions.

Unfortunately, some of us non academic economists see it as a means of fooling the public that all is well with the economy.

If the 10 year CPI was presented, Nigerians will almost stone ALL our economic experts and the Government. When you look at what things used to cost 10 years ago with the kind of figures presented by our economic experts, you can't help but wonder if these figures are not just manufactured to present a beautiful lie.

BTW, I see our economic experts as monitors and reporters of the current state of the economy rather than governors who CONTROL the economy.

I am sorry, I am not an expert in economics BUT I honestly feel strongly that we don't yet understand how both MONEY or the ECONOMY works. I have my theories though.

hmmm

shadeyinka:

Unfortunately, some of us non academic economists see it as a means of fooling the public that all is well with the economy.

If the 10 year CPI was presented, Nigerians will almost stone ALL our economic experts and the Government. When you look at what things used to cost 10 years ago with the kind of figures presented by our economic experts, you can't help but wonder if these figures are not just manufactured to present a beautiful lie.

BTW, I see our economic experts as monitors and reporters of the current state of the economy rather than governors who CONTROL the economy.

I am sorry, I am not an expert in economics BUT I honestly feel strongly that we don't yet understand how both MONEY or the ECONOMY works. I have my theories though.

You're right about your assumptions. We understand how money works but the political structure and those that hold positions are clueless...

That CPI you see up there are imported inflation... Our most important foods are imported.

WinningSun:


You're right about your assumptions. We understand how money works but the political structure and those that hold positions are clueless...

That CPI you see up there are imported inflation... Our most important foods are imported.

I am yet to see any economist speak about the curse of oil money.

To me, crude oil money shouldn't be part of what is used to calculate our GDP because of a truth, it is free money. We don't even have any input into either the prospecting or the drilling or the pumping. All we did was to license some white people to help us locate the oil AND we collect monthly royalties over the oil. Unfortunately, it's so bad that we don't even control the oil market

What is the effect of free money into the economy?
Doesn't it cause a kind of inflation?

shadeyinka:

I am yet to see any economist speak about the curse of oil money.

To me, crude oil money shouldn't be part of what is used to calculate our GDP because of a truth, it is free money. We don't even have any input into either the prospecting or the drilling or the pumping. All we did was to license some white people to help us locate the oil AND we collect monthly royalties over the oil. Unfortunately, it's so bad that we don't even control the oil market

What is the effect of free money into the economy?
Doesn't it cause a kind of inflation?

Yes it sure does... The literary meaning of inflation is 'excess money in supply' an example of free money is yahoo yahoo money... The way they spend it inflate price of goods. Oil money is not a problem if we know how to channel it

WinningSun:


Yes it sure does... The literary meaning of inflation is 'excess money in supply' an example of free money is yahoo yahoo money... The way they spend it inflate price of goods. Oil money is not a problem if we know how to channel it

But what do we do with oil money?
We share it to states every month to service recurrent expenditures!
We do exactly the worst thing we could have done with oil money: to service consumables!

Can you see why me as a non expert seem to understand where our economic problem is coming from while both the CBN Governor and the Minister of Finance seen not to know (or maybe they don't care). It's honestly annoying to me. Income tax should be used to fund our recurrent expenditures not oil money.

If we had used oil money to acquire fixed assets and infrastructures with a purpose of industrialization, we would have been wise. Unfortunately, we keep on diluting our Naira by the day.

From my little analysis, there is no fiscal and monetary policy combination that can work in Nigeria. There is a key ingredient which is needed but no one seem to want to do.

Do you think our oil revenue should be used in calculating our national GDP?

shadeyinka:

But what do we do with oil money?
We share it to states every month to service recurrent expenditures!
We do exactly the worst thing we could have done with oil money: to service consumables!

Can you see why me as a non expert seem to understand where our economic problem is coming from while both the CBN Governor and the Minister of Finance seen not to know (or maybe they don't care). It's honestly annoying to me. Income tax should be used to fund our recurrent expenditures not oil money.

If we had used oil money to acquire fixed assets and infrastructures with a purpose of industrialization, we would have been wise. Unfortunately, we keep on diluting our Naira by the day.

From my little analysis, there is no fiscal and monetary policy combination that can work in Nigeria. There is a key ingredient which is needed but no one seem to want to do.

Do you think our oil revenue should be used in calculating our national GDP?

Governing a nation is not as easy as you thought. And. Making decisions are even harder.

If you happen to be a president, you will be surrounded by 95% who wants you to share all government revenues with them without recourse to the needs of the people. Just 5% will want you to do the right thing.

GDP is a gross sum of national outputs. Both tangible and not. The services a comedian gives is factored in. So you cannot exclude crude oil.

WinningSun:


Governing a nation is not as easy as you thought. And. Making decisions are even harder.

If you happen to be a president, you will be surrounded by 95% who wants you to share all government revenues with them without recourse to the needs of the people. Just 5% will want you to do the right thing.

GDP is a gross sum of national outputs. Both tangible and not. The services a comedian gives is factored in. So you cannot exclude crude oil.

You sound like someone within Government or one who had worked close to Government who understands that a lot of things is above what even the President can do or change. I think I understand you, unfortunately it doesn't ease my frustrations about my beloved country.

But the Nigerian President is more powerful than we think: there is always a way in which a President can assert his will on the Nation either covertly or by force. If only there is a will to do the needful, there would be a way. Of course 95% of our politicians don't care a hoot about this country: a little interaction with them is enough to show this.

When you know that we as a Nation are on the path of perpetual economic slavery and degradation and the momentum towards our common destruction and poverty is assured it is very painful.

On the GDP, I think I disagree with you. Yes, every kind of EARNED income should be part of it but not FREE money like oil. My argument is simple: to me, crude oil is just like the earth, water or air over a Nation. These are NOT products in the real sense of the word but natural ASSET.

Let me give an example: it's like a man who inherited a house from his late parent and he lives in the house. Should he add to his GDP the money earned from removing and selling Window Louvres, Gates, Roofing sheets all taken from part of this same building where he lives? I think not!

A comedian is applying effort to add value to his words. We collect money from the oil company without applying any kind of effort or addition of value to either the prospecting or the mining of the oil.

I agree, the traditional definition of GDP include every source of earnings BUT it doesn't reflect the performance of the national economy.

Is there another measurement index apart form the GDP that can show us the true situation of our economy?

Sorry for being a little emotional over this: for those of us who desire greatness for this country, one cannot help feeling this bad some times.

Good Morning Sir

shadeyinka:

You sound like someone within Government or one who had worked close to Government who understands that a lot of things is above what even the President can do or change. I think I understand you, unfortunately it doesn't ease my frustrations about my beloved country.

But the Nigerian President is more powerful than we think: there is always a way in which a President can assert his will on the Nation either covertly or by force. If only there is a will to do the needful, there would be a way. Of course 95% of our politicians don't care a hoot about this country: a little interaction with them is enough to show this.

When you know that we as a Nation are on the path of perpetual economic slavery and degradation and the momentum towards our common destruction and poverty is assured it is very painful.

On the GDP, I think I disagree with you. Yes, every kind of EARNED income should be part of it but not FREE money like oil. My argument is simple: to me, crude oil is just like the earth, water or air over a Nation. These are NOT products in the real sense of the word but natural ASSET.

Let me give an example: it's like a man who inherited a house from his late parent and he lives in the house. Should he add to his GDP the money earned from removing and selling Window Louvres, Gates, Roofing sheets all taken from part of this same building where he lives? I think not!

A comedian is applying effort to add value to his words. We collect money from the oil company without applying any kind of effort or addition of value to either the prospecting or the mining of the oil.

I agree, the traditional definition of GDP include every source of earnings BUT it doesn't reflect the performance of the national economy.

Is there another measurement index apart form the GDP that can show us the true situation of our economy?

Sorry for being a little emotional over this: for those of us who desire greatness for this country, one cannot help feeling this bad some times.

Good Morning Sir

Actually I don't work in government but I have people who are politicians and knows the inner working of government
Government is not as easy as that. Most government workers got job through godfathers and will always protect their interests. The beauty of democracy is the check and balance if the president made an order that you thought will move the country forward if the member of the legislature have bad motives they can upturn it. You see its very dicey but not that it cannot be done.

I can see you have a young soul which combines naivety with optimistism. And your ideal is in contrast to the reality country there by giving you cognitive dissonance.

The truth is this case and in all matter of reality everything is not black or white there are more grey areas in all.

I don't know what your field of study or what tickle your fancy I have this to say to you... Imagine every of our problems and also imagine how you can provide solutions to all either as an individual or probably if you are in an elective position.

In few years time our nation will be calling us to serve her... What are those wrong you intend to right... What you do at that period of your life will be your test.