The development, despite seasonal factors like farming period, was worsened by the recurring insecurity in the nation’s food belts. The north central and north east states are agrarian centres that produce most of the staple foods consumed in the country.
Month-on-month basis, the food sub-index increased by 1.41 per cent in May 2019, up by 0.27 per cent from 1.14 per cent recorded in April 2019. The average annual rate of change of the food sub-index for the 12-month period ending May 2019 over the previous 12-month average was 13.37 per cent, against 13.34 per cent in April 2019.
A research analyst at FXTM, Lukman Otunuga, said the development stokes fears, given the current weak oil prices, the imminent policy meeting of the Federal Reserve Bank and ongoing trade tensions.“The latest inflation figures may fuel concerns over pressures creeping back into the economy. Should consumer prices continue to accelerate in the coming months, this could force CBN to maintain status quo on interest rate,” he warned.
The Managing Director of Cowry Asset Management Limited, Johnson Chukwu, told The Guardian that CBN had hinted on the increase in inflation at the last Monetary Policy Committee meetings, but stressed that the inflationary pressure might be longer than projected by the apex bank. All items inflation, year-on-year, was highest in Kebbi State , Bauchi and Kaduna . On the other hand, Abia , Cross River and Kwara recorded the slowest rise in headline inflation.
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