Food prices highest in Kogi, Ogun, Anambra in May

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Edo, Sokoto and Ekiti recorded price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate) within the period.

Kogi, Ogun and Anambra recorded the highest prices in food items in the month of May, the consumer price index (CPI) report released on Tuesday by the National Bureau of Statistics (NBS) has shown.

The report revealed that on a month-on-month basis, food price inflation was highest in Kogi at 3.11 per cent, Ogun at 2.89 per cent and Anambra at 2.37 per cent.

Edo, Sokoto and Ekiti recorded price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate) within the period.

The report said the food inflation on a year-on-year basis was highest in Kogi at 32.82 per cent, Kwara at 26.02 per cent and Enugu at 25.43 per cent, while Akwa Ibom at 20.06 per cent, Bauchi at 18.65 per cent and Abuja at 16.91 per cent recorded the slowest rise in year on year inflation.

According to the report, the composite food index rose by 22.28 per cent in May 2021 compared to 22.72 per cent in April 2021.

The NBS said the rise in the food index was due to increases in prices of Bread, Cereals, Milk, Cheese, Eggs, Fish, Soft drinks, Coffee, Tea and Cocoa, Fruits, Meat, Oils and fats and Vegetables.

On a month-on-month basis, the food sub-index increased by 1.05 per cent in May 2021, up by 0.06 per cent points from 0.99 per cent recorded in April 2021.

“The average annual rate of change of the Food sub-index for the twelve months ending May 2021 over the previous twelve-month average was 19.18 per cent, 0.60 per cent points from the average annual rate of change recorded in April 2021 at 18.58 per cent,” the report said.

The report said in May, all items inflation on year on year basis was highest in Kogi at 25.13 per cent, Bauchi at 23.02 per cent and Sokoto at 20.11 per cent. On the other hand, Katsina at 15.69 per cent, Imo at 15.52 per cent and Delta at 14.85 per cent recorded the slowest rise in headline Year on Year inflation.

The report said all items inflation was highest in Kogi at 2.22 per cent, Ogun at 2.17 per cent and Cross River at 2.07 per cent, while Ekiti at 0.02 per cent recorded the slowest rise in headline month on month with River and Sokoto recording price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).

The report said all items “less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce, stood at 13.15 per cent in May 2021, up by 0.41 per cent when compared with 12.74 per cent recorded in April 2021.

“On a month-on-month basis, the core sub-index increased by 1.24 per cent in May 2021. This was up by 0.25 per cent when compared with 0.99 per cent recorded in April 2021.

“The highest increases were recorded in prices of Pharmaceutical products, Garments, Shoes and other footwear, Hairdressing salons and personal grooming establishments, Furniture and furnishing, Carpet and other floor covering, Motor cars, Hospital services, Fuels and lubricants for personal transport equipment, Cleaning, repair and hire of clothing, Other services in respect of personal transport equipment, Gas, Household textile and Non-durable household goods.

“The average 12-month annual rate of change of the index was 11.50 per cent for the twelve months ending May 2021; this is 0.25 per cent points higher than 11.25 per cent recorded in April 2021,” it said.



Source: Premium Times

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