Abuja - The National Bureau of Statistics (NBS) has put the country’s inflation rate for May at 12.7 per cent, 0.2 per cent lower than the April figure of 12.9 per cent.
This is contained in a statement issued in Abuja on Tuesday by the Statistician-General of the Federation, Yemi Kale.
The statement said the monthly change in the Composite Consumer Price Index (CPI) could be partly attributable to persistent change in the prices of some farm produce due to the farming season.
It said, "The farm produce such as vegetables are typically in short supply at this time of the year.
"Other notable increases were in catering services, as well as the cost of some miscellaneous services, such as appliances, articles and products for personal care.''
The statement said that the rise in the food index was mainly from increase in the prices of vegetables (in particular), potatoes, yam and other tubers, and bread and cereals.
"Farm produce prices have been higher as stocks have been drawn down from earlier harvests and farmers are in the peak of the farming season, using up part of their stocks in the farming process.
"The average annual rate of rise of the index remained at 10.4 per cent (year-on-year) for the 12-month period ending May 2012,’’ it said.
The statement said that the urban inflation rate stood at 14.1 per cent in May against 13.4 per cent recorded in April
It said that the rural inflation rate was 11.7 per cent for May, while the April figure stood at 12.5 per cent.
The statement said that the ``All items less Farm Produce'' index, which excluded the prices of volatile agricultural products rose by 14.9 per cent year-on-year.
It said that the average 12 months annual rate of rise of the index was 12.4 per cent for the 12-month period ending May 2012.
"On a month-on-month basis, the core index increased by 1.1 per cent in May 2012.
"The rise in the “Core” index could be attributable to higher price levels in divisions that compose the index, such as clothing and footwear, gas and other fuels, transportation,'' it said.
They also include other class items, such as carpets and floor coverings and education materials.
The statement said that prices and weighting were the two basic parameters used to arrive at the CPI.
It added that 10,534 officers were used to collate the data for the CPI monthly, while 740 product specifications were priced across the rural and urban areas of the 36 states of the federation and the FCT.
The statement said that the average price of each item was computed for each sector for each state and the FCT and used for index computation.