By Eyo Nsima

On month-on-month basis, the Headline index increased by 1.01 percent in May 2021, according to the National Bureau of Statistics, NBS.

In its latest report obtained by The Daily, www.thedaily-ng.com, the NBS, stated: “On month-on-month basis, the Headline index increased by 1.01 percent in May 2021. This is 0.04 percentage points higher than the rate recorded in April 2021 (0.97 percent). The consumer price index, (CPI) which measures inflation increased by 17.93 percent (year-on-year) in May 2021.

“This is 0.19 percent points lower than the rate recorded in April 2021 (18.12 percent). Increases were recorded in all COICOP divisions that yielded the Headline index. The urban inflation rate increased by 18.51 percent (year-on-year) in May 2021 from 18.68 percent recorded in April 2021, while the rural inflation rate increased by 17.36 percent in May 2021 from 17.57 percent in April 2021.

“On a month-on-month basis, the urban index rose by 1.04 percent in May 2021, up by 0.05 percentage points compared to the rate recorded in April 2021 (0.99), while the rural index rose by 0.98 percent in May 2021, up by 0.03 points compared to the rate that was recorded in April 2021 (0.95 percent). The percentage change in the average composite CPI for the twelve months period ending May 2021 over the average of the CPI for the previous twelve months period was 15.50 percent, showing a 0.46 percent point rise from 15.04 percent recorded in April 2021.”

It also added: “The corresponding twelve-month year-on-year average percentage change for the urban index is 16.09 percent in May 2021. This is higher than 15.63 percent reported in April 2021, while the corresponding rural inflation rate in May 2021 is 14.94 percent compared to 14.48 percent recorded in April 2021.”