Naija Lo Wa

Courtesy of the Nigerian Bureau of Statistics, here is the Consumer Price Index for May 2011.

CONSUMER PRICE INDEX: MAY 2011
(BASE PERIOD NOVEMBER 2009 = 100)
BRIEF METHODOLOGY:

This edition of the Statistical News contains the revised Consumer Price Index (CPI) based on Nigeria Living Standard Survey (NLSS) 2003/2004. The consumption expenditure data were revalued to November 2009 which is the base period for the revised CPI. The May 2003 based and September 1985 based indices are being continued using factors derived from the new CPI. All of these indices will yield the same price change for any commodity group contained in all the series. A new sub index – Imported Food Index- is available in the revised CPI.

A TOTAL of 10534 informants spread across the country provide price data for the compilation of the New CPI each month. Also, 740 product specifications are priced in each centre for computation of the New CPI. For more enquiries relating to the CPI revision refer to kocimo@nigerianstat.gov.ng or kocimo@yahoo.com

ALL ITEMS INDEX
The Composite Consumer Price Index (CPI) rose by 12.4 percent year-on-year in May 2011. This is higher than 11.3 percent recorded in the previous month in the new CPI series. The monthly change of the CPI was 0.91 percent increase when compared with April 2011. The urban All Items monthly index rose by 0.2 percent while the corresponding rural index rose by 1.5 percent when compared with the preceding month.

The year-on-year average consumer price level as at May 2011 for Urban and Rural dwellers rose by 11.5 and 13.0 percent respectively. The percentage change in the average composite CPI for the twelve-month period ending May 2011 over the average of the CPI for the previous twelve-month period was 12.6. This was slightly lower than the figure for the preceding month. The corresponding 12- month average percent change for urban and rural indices rose by 10.2 and 14.5 respectively.

FOOD INDEX
Average monthly food prices declined by 0.3 percent in May 2011 when compared with April 2011 figure. The level of the Composite Food Index was higher than the corresponding level a year ago by 12.2 percent. The average annual rate of rise of the index was 13.2 percent for the twelve-month period ending May 2011. The change in the month-on-month index was caused mainly by downward movement of the prices of some food items like vegetables, fruits and cereals.

ALL ITEMS LESS FARM PRODUCE
The “All items less Farm Produce” index which excludes the prices of agricultural products increased by 0.9 percent in May 2011 when compared with April 2011. The increase was mainly on some household items, building materials, rents, diesel and kerosene. In the twelve-month to May 2011, the index rose by 13.0 percent while the average annual rate of rise of the index was 12.2 percent for the twelve-month period ending May 2011.

The full report for this May 2011 and prior months can be downloaded below:
Nigeria Bureau of Statistics - May 2011 Consumer Price Index (313).
National Bureau of Statistics - Consumer Price Index For April 2011 (219).
National Bureau of Statistics - Inflation Data Feb 2011 (194).
National Bureau of Statistics - Inflation Data - Jan 2011 (186)