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Nigeria’s inflation drops to 17.93 percent

Nigeria’s inflation drops to 17.93 percent
Nigeria Naira

The Consumer Price Index (CPI) which measures inflation dropped to 17.93 per cent (year-on-year) in May compared to 18.12 per cent in the preceding month, according to the National Bureau of Statistics (NBS).

The 0.19 per cent decline in the headline index, makes it the second consecutive month that the rate had sustained its downward trajectory after 18 months of inflationary pressures on the economy.

According to the CPI figures for May which was released by the statistical agency Tuesday, food inflation dropped to 22.28 per cent from 22.72 per cent in April.

Price moderation was recorded in bread, cereals, milk, cheese, eggs, fish, soft drinks, coffee, tea and cocoa, fruits, meat, oils and fats and vegetables.

On month-on-month basis, the food sub-index declined to 1.05 per cent in May from 0.99 per cent recorded in the preceding month.

On the other hand, core inflation, which excludes the prices of volatile agricultural produce rose to 13.15 per cent from 12.72 per cent in the review period.

On month-on-month basis, the core sub-index increased by 1.24 per cent, the NBS noted.

The highest increases were recorded in prices of pharmaceutical products, garments, shoes and other footwear, hairdressing salons and personal grooming establishments.

Others are furniture and furnishing, carpet and other floor covering, motor cars, hospital services, fuels and lubricants for personal transport equipments, cleaning, repair and hire of clothing, other services in respect of personal transport equipments, gas, household textile and non durable household goods.

According to the NBS, core inflation was highest in Kogi with 25.13 per cent, Bauchi 23.02 per cent and Sokoto (l20.11 per cent while Katsina 15.69 per cent, Imo 15.52 per cent and Delta 14.85 per cent recorded the slowest rise in headline year on year inflation.

Similarly, food inflation was highest in Kogi 32.82 per cent, Kwara 26.02 per cent and Enugu 25.43 per cent, while Akwa Ibom 20.06 per cent, Bauchi 18.65 per cent and Abuja 16.91 per cent recorded the slowest rise in year on year inflation.

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