Wednesday, 16 January, 2019

Inflation drops to 11.61% - below FG’s 2018 target

Jean Garcia | 14 June, 2018, 11:14

The Office for National Statistics (ONS) said higher transport costs exerted the most upwards pressure on the Consumer Prices Index measure during May amid steep rises in oil costs this year.

In May a year ago, the retail inflation was at a low of 2.18 per cent.

On a month-on-month basis, the headline index showed an increase by 1.09 per cent during the month, about 0.26 per cent points rise from the rate recorded in April 2018.

Besides, the "All items less farm produce" or Core inflation, excluding prices of volatile agricultural produce, stood at 10.7 per cent in May 2018, down marginally by 0.2 per cent from the 10.9 per cent rate recorded in April.

The ONS said petrol prices rose by 4.6p per litre between April and May 2018 to 125.3p - the highest since October 2014 - while diesel prices are 4.7p higher.

Inflation rate reduces by 0.87% from April.

The spike in inflation also came on back of fuel prices after global oil prices hit a 3-1/2-year high last month, led by increasing worries of supply constraints from US President Donald Trump's decision to withdraw from the 2015 Iran nuclear agreement.

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On month-on-month basis, the food sub-index increased by 1.33 percent in May 2018, up by 0.42 percent points from 0.91 percent recorded in April. On a month on basis, it rose by 0.98% in the period under review.

Nigeria's annual inflation has dropped to 11.61% in May, below the federal government's projection of 12.42% set in the 2018-2020 Medium Term Expenditure Framework and Fiscal Strategy Paper. The average annual rate of change of the Food sub-index for the twelve-month period ending May 2018 over the previous twelve-month average was 18.36 percent, 0.53 percent points from the average annual rate of change recorded in April (18.89) percent.

On Tuesday, the ONS said wage growth slowed to 2.8% in the three months to April from 2.9%.

The report read in part, "The Consumer Price Index, which measures inflation, increased by 11.61 per cent year-on-year in May 2018".

For Rural Index, it also rose by 1.08%, from the recorded figure of 0.82% in the previous month of April.

Ben Brettell, senior economist at Hargreaves Lansdown, said: "Some will say these figures add weight to the case for higher rates".

Fruit prices grew at a faster pace of 12.33 per cent in May as against 9.65 per cent in April, while vegetables were costlier by 8.04 per cent (from 7.29 per cent month ago).

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