Despite drop in inflation food prices stay high -- NBS

The previous high in retail inflation was in January this year at 5.7 per cent

Based on the Consumer Price Index (CPI), the inflation was at 4.58% in the preceding month.

The CPI, which measures inflation rate in the economy within a period, showed inflation rate dropping further by about 0.87 per cent basis points from 12.48 per cent in April to about 11.61 per cent during the month.

Inflation rate increased by 1.09% on month-on-month basis.

But, the composite indices of the 12 classification of individual consumption by goal (COICOP) functions and all items levels remained high in all divisions that constituted the headline index.

However this effect was offset, the number-crunchers added, by easing prices for games, domestic electricity, food and non-alcoholic beverages, and furniture and furnishings.

Others are transport, communication, recreation and culture, education, restaurants and hotels; miscellaneous goods and services.

The ONS said petrol prices rose by 4.6p per litre between April and May 2018 to 125.3p - the highest since October 2014 - while diesel prices are 4.7p higher.

The report stated that increases were recorded in all the Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.

VW fined €1bn by German prosecutors over diesel scandal
A German court fined Volkswagen Group €1 billion ($1.2 billion) this week for its role in the 2015 diesel scandal. The company said it won't be appealing the fine, one of the highest ever imposed by Berlin.

North America to Hold the 2026 FIFA World Cup
In its evaluation, the joint bid also got a "technical score" of 402.8 out of 500, compared to Morocco's 274.9. On Wednesday, FIFA member countries voted 134-65 for the three nations over the other candidate, Morocco.

Child in rehab after getting so addicted to Fortnite she wet herself
Although the game is free to play, developers have raked in cash from in-game purchases as players try to boost their performance. Recent cases highlighted the game's "addictive nature" and "the extent to which it quickly impacts behaviour", he added.

It, however, measured the CPI at 14.79 per cent in the period under review, showing 0.41 per cent point lower from 15.20 per cent recorded in April.

The report read in part, "The Consumer Price Index, which measures inflation, increased by 11.61 per cent year-on-year in May 2018".

Fruit prices grew at a faster pace of 12.33 per cent in May as against 9.65 per cent in April, while vegetables were costlier by 8.04 per cent (from 7.29 per cent month ago).

The report stated that in May, inflation was highest in Kebbi (14.65 per cent), Yobe (13.68 per cent) and Jigawa (13.62 per cent).

For Rural Index, it also rose by 1.08%, from the recorded figure of 0.82% in the previous month of April.

Many economists believe that last week's rate increase by the RBI is the beginning of a gradual tightening cycle as concerns over economic recovery recede and inflationary pressures build though the RBI has kept its policy stance at "neutral" last week.

The manufacturing sector, which constitute more than 77 per cent of the index, recorded a growth of 5.2 per cent in April, up from 2.9 per cent in the year ago month.

Related News:

  • Antarctic Ice Sheet Is Melting Faster: New Study - Hit & Run

    Scientists have previously raised fears about a scenario in which ice loss from Antarctica takes on a rate of explosive growth. The global research team analyzed 24 satellite-based estimates of Antarctic ice sheet mass to calculate these rates.
    On Eve of Historic Summit, North Korea's Kim Enjoys Singapore Sites

    On Eve of Historic Summit, North Korea's Kim Enjoys Singapore Sites

    The spokesman said Trump told Moon he would send Pompeo to Seoul immediately after the summit to explain its outcome. While aboard Air Force One, the president also tweeted out a plug for South Carolina Gov.
    Ariana Grande hoping for 'long-lasting relationship' with fiancé Pete Davidson

    Ariana Grande hoping for 'long-lasting relationship' with fiancé Pete Davidson

    They are not rushing to get married. "It's nothing they've been hiding", a source close to the couple told people .com. Fans have been tweeting her, and she has been responding, as if to confirm the news. "They are a ideal fit".
  • Samsung Gear S4 release could bring these two big new features

    Samsung Gear S4 release could bring these two big new features

    That's a device that's been rumored for a few years but seems to be coming toward reality right inside the 2019 market season. If that is indeed the case , the Galaxy Note 9 will be unveiled two weeks earlier than the Galaxy Note 8 was past year .
    Russian MP warns against sex with foreigners during World Cup

    Russian MP warns against sex with foreigners during World Cup

    She said women who had babies with foreigners around the time of the 1980 Olympics in Moscow often "suffered" as single mothers. However, her comments drew both criticism and ridicule.
    Promoter Frank Warren reveals date and location of next Tyson Fury fight

    Promoter Frank Warren reveals date and location of next Tyson Fury fight

    Fury (26-0, 19 KO) is next scheduled to fight on August 18 in Belfast against an opponent yet to be named. Fury's skills are still intact, although they lacked the zip and zing of his win over Klitschko.
  • Don’t Be Afraid to Talk With Someone

    Don’t Be Afraid to Talk With Someone

    In response, Navarro shared a message, urging those in doubt to contact the National Suicide Prevention LifeLine . We speak with a local reporter who met Spade and remembers her as being very much Kansas Citian.
    Sarah Sanders, Raj Shah preparing to leave White House, CBS reports

    Sarah Sanders, Raj Shah preparing to leave White House, CBS reports

    White House Press Secretary Sarah Huckabee Sanders won't be the latest to leave President Donald Trump's administration. She tweeted that CBS News hadn't confirmed their report with her.
    Trump, Pompeo positive ahead of summit

    Trump, Pompeo positive ahead of summit

    Kim had arrived hours earlier in a plane loaned by China, which for decades has been North Korea's only major ally. Part of the interest in Tuesday's summit is simply because Kim has had limited appearances on the world stage.
  • Elon Musk buys $25M in Tesla stock

    Elon Musk buys $25M in Tesla stock

    Tesla CEO Elon Musk responded by saying it's hard to walk the line between annoying users and preserving driver safety. The company will seek to re-employ most Tesla employees at Home Depot stores at its own locations.
    Exhaust-ing ordeal: Woman gets her head stuck in tailpipe

    Exhaust-ing ordeal: Woman gets her head stuck in tailpipe

    There's no word on who's going to foot the bill for the impromptu modification to the truck's exhaust pipe. She's a girl, she's drunk, and she was just freed from her own prison of a truck's exhaust pipe.
    E3 2018: Rick and Morty Creator Reveals Trover Saves the Universe

    E3 2018: Rick and Morty Creator Reveals Trover Saves the Universe

    The action platformer, developed by Roiland's Squanch Games , is the second title from the studio, after PSVR title Accounting +. Trover Saves The Universe is coming to PlayStation 4 and PlayStation VR, and we're actually pretty excited.


Most liked

Petit tells Paul Pogba to 'get angry' to help France win WC
Former France worldwide Emmanuel Petit has challenged compatriot Paul Pogba to "get angry" at the World Cup this summer.

Trump eyes oil prices: ‘OPEC is at it again’
US ally Saudi Arabia remains OPEC's most powerful member - with enough production capacity to manipulate global supplies. Since early 2017, OPEC and other oil-producing countries have agreed to reduce supply in a bid to bolster oil prices.

Ewan McGregor will play Danny Torrance in The Shining sequel
Doctor Sleep , Stephen King's sequel to horror novel The Shining , is being made into a movie, and McGregor is taking the lead. According to Variety , he has lingering rage and a drinking problem that dulls his pain as well as his " shining " powers.

Jaguar E-Pace bags new engine, can now learn the driver's habits
The filters are integrated into the after-treatment system and trap ultrafine particulates as the exhaust gases pass through. Although adaptive suspension isn't new to Jaguar , it wasn't available with the E-Pace when it was launched previous year .

Donald Trump says North Korea no longer a nuclear threat: ‘sleep well!’
He said he was confident Pyongyang understood the need for verification that it was dismantling its nuclear programme. Pompeo faced immediate questioning from his traveling press about the content of the agreement with North Korea.

Uber seeks patent for AI tech that determines whether passengers are drunk
In theory, the system could generate an alert to drivers or match suspected drunk passengers only with specially trained drivers. A new patent application suggests Uber is looking to use machine learning to gauge the sobriety of its users.

May wins Brexit vote, avoids rebellion
But Mr Lee's voice adds one more to the band of potential rebels against the government that could defeat them in Parliament. A total of 89 Labour MPs defied Corbyn in the vote on this amendment, making it the party's biggest Brexit rebellion yet.

Martial wants to quit Man United according to his agent
Phlippe Lamboley, the agent of Anthony Martial , has confirmed that the forward wishes to leave Manchester United this summer.

Selection of North American bid could bring tournament to Edmonton
CONCACAF, the governing body for soccer in North America, Central America and the Caribbean, has seven slots in the World Cup . Edmonton's hopes of becoming a host city for the 2026 FIFA World Cup rest on a final vote Wednesday morning in Moscow.

Donald Trump nominated for Nobel Peace Prize by two Norwegian lawmakers
So while Trump and Kim could be among the 330 nominees for 2018, an award linked to North Korea may be more likely in 2019. The North Korean situation has been rocky as it has unfolded, but there has been significant progress.

Idaho child diagnosed with plague; only fifth human case in state history
People can reduce the chance of encountering plague by avoiding contact with wild rodents, their fleas and rodent carcasses. There are a few plague cases every year in the USA , mostly in the rural West and especially the Southwest.

Israel's use of lethal force 'could amount to war crime'
Ambassador Nikki HaleyNimrata (Nikki) HaleyWhat you need to know about Tuesday's elections South Carolina Gov. In apparent frustration, Haley said "for some, attacking Israel is their favorite political sport".

Philadelphia bids to host 2026 World Cup matches
The Bid Book contains all of the detail of how we would host the World Cup in either 2018 or 22. The winning bid , also shared with Mexico and Canada, was announced early Wednesday.

U.S. Babies, Toddlers Eat Way Too Much Added Sugar, Study Finds
The measured amount of extra sugar reportedly consumed by the children in the study was based entirely on the parent's memory. Ninety-nine percent of toddlers ages 19-23 months took in an average of 7 teaspoons of added sugar on a given day.

Nashville in the running to host 2026 FIFA World Cup games
Most national teams prefer to establish their pre-World Cup training compounds away from their first-round group-game cities. Canada will host men's World Cup matches for the first time, while Mexico gets its first taste of the event since 1986.