Nigerian National Petroleum Corporation’s (NNPC) subsidiary, the National Engineering and Technical Company of Nigeria (NETCO), has posted a profit before tax of N6.75 billion for the year ended 31 December 2018.
According to the monthly report of the Consumer Price Index (CPI), which measures inflation, released in Abuja by the NBS, the figure was 0.03 percent points higher than the inflation rate of 11.37 percent recorded in April 2019.
It noted that increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index.
The NBS said that on month-on-month basis, the Headline index increased by 1.11 percent in May 2019, representing 0.17 percent rate higher than the rate 0,94 percent recorded in April 2019.
“The percentage change in the average composite CPI for the twelve months period ending May 2019, over the average of the CPI for the previous twelve months period was 11.30 percent, 0.01 percent points from 11.31 percent recorded in April 2019.
“The urban inflation rate increased by 11.76 percent (year-on-year) in May 2019 from 11.70 percent recorded in April 2019, while the rural inflation rate increased by 11.07 percent in May 2019 from 11.08 percent in April 2019.
“On a month-on-month basis, the urban index rose by 1.15 percent in May 2019, up by 0.15 points from 1.00 percent recorded in April 2019, while the rural index also rose by 1.07 percent in May 2019, up by 0.17 from the rate recorded in April 2019 (0.90 percent),” the NBS said.
It explained that the corresponding twelve-month year-on-year average percentage change for the urban index was 11.66 percent in May 2019.
“This is less than the 11.69 percent reported in April 2019, while the corresponding rural inflation rate in May 2019 is 10.99 percent compared to 11.00 percent recorded in April 2019,” it added.
According to the report, the composite food index rose by 13.79 percent in May 2019 compared to 13.70 percent in April 2019.
This rise in the food index, it said, was caused by increases in prices of Meat, Oils and fats, Bread and cereals, Potatoes, yam and other tubers, Fish, Milk, cheese and egg, and Vegetables.
It added that on month-on-month basis, the food sub-index increased by 1.41 percent in May 2019, up by 0.27 percent points from 1.14 percent recorded in April 2019.
The average annual rate of change of the Food sub-index for the twelve-month period ending May 2019 over the previous twelve-month average was 13.37 percent, 0.03 percent points from the average annual rate of 13.34 percent change recorded in April 2019.