The NBS said average 12-month annual rate of change of the index was 11.83 per cent for the 12-month period ending May 2018; this is 0.19 percent points lower than 12.02 percent recorded in April.
"This is 0.87 per cent points less than the 13.34 per cent recorded in April, and represents the sixteenth consecutive disinflation since January 2017".
This, it stated was less than 15.47 per cent in April, while corresponding rural inflation rate in May was 14.53 per cent compared to 14.95 per cent recorded in April.
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.
Retail inflation now stands at a four-month high after topping the 4.58 per cent it recorded in April. 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.
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The report stated that increases were recorded in all the Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.
The average annual rate of change of the food sub-index for the 12-month period ending May 2018 over the previous 12-month average was 18.36 per cent, 0.53 per cent points from the average annual rate of change recorded in April by 18.89 per cent.
This, it noted was down by 0.2 per cent from the rate recorded in April, which was 10.9 per cent. This was caused by the increase in price of potatoe, yam and other tubers, fish, bread and cereals, Oil and fats, vegetables, coffee, tea and cocoa, Meat, Milk, cheese and eggs.
On Tuesday, the ONS said wage growth slowed to 2.8% in the three months to April from 2.9%.
According to the report, the corresponding twelve-month year-on-year average percentage change for the urban index was 15.10 per cent in May.
For Rural Index, it also rose by 1.08%, from the recorded figure of 0.82% in the previous month of April. This is higher than the final figure of 4.58% for April. Kogi followed with 9.07% while Delta recorded 9.22% on a year-on-year all item basis in May, 2018.