Tuesday, 18 September, 2018


Rising fuel prices spur inflation in May

Conrad Doyle | 14 June, 2018, 12:07

This is less than 15.47 percent reported in April, while the corresponding rural inflation rate in May 2018 is 14.53 percent compared to 14.95 percent recorded in April.

"Air fares and ferry prices also contributed to the overall increase in inflation due to the timing of Easter".

The Composite Food Index rose by 13.45%, during the period under review. While reading the decision of the committee, Godwin Emefiele, the CBN governor, said the rates were held because inflation is still above the committee's single-digit target.

The Consumer Prices Index including owner-occupiers' housing costs (CPIH) - the ONS' preferred measure of inflation - was 2.3 per cent in May, up from 2.2 per cent in April 2018.

"This is 0.87% points less than the rate recorded in April 2018 13.34% and represents the sixteenth consecutive disinflation since January 2017", the report read.

India's annual retail inflation accelerated to a four-month high in May, driven by higher fuel prices and a depreciating rupee, strengthening views that the central bank could raise interest rates again in August.

This, it noted was down by 0.2 per cent from the rate recorded in April, which was 10.9 per cent.

The percentage change in the average composite CPI for the twelve months period ending May 2018 over the average the average of the CPI for the previous twelve months period was 14.79 percent, showing 0.41 percent point lower from 15.20 percent recorded in April 2018.

The rise in the index was attributed to increases in prices of some staple food items like potatoes, yam and other tubers, vegetables, fish, bread and cereals, fruits and meat.

"With both core and headline inflation only likely to face greater upside pressure from various factors in the coming months, we continue to expect one more 0.25 per cent rate hike from the RBI".

On State-by-State basis, the report said food inflation on an annual basis was highest in Yobe (15.86 per cent), followed by Kebbi (15.62 per cent) and Jigawa (15.56 per cent).

Ben Brettell, senior economist at Hargreaves Lansdown, said: "Some will say these figures add weight to the case for higher rates".

However, it stated that Kwara, Kogi and Delta recorded the slowest rise in the headline year-on-year inflation at 8.87 per cent, 9.07 per cent and 9.22 per cent, respectively.

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