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Breaking News Nigeria, Latest Nigerian News > News > Business > Inflation drops to 17.93% in May
BusinessNews

Inflation drops to 17.93% in May

Kehinde Sallah
Kehinde Sallah June 15, 2021
Updated 2021/06/15 at 10:46 PM
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Food inflation also dipped to 22.28 percent in May

The consumer price index, (CPI) which measures inflation dropped by 0.19 percent in May to 17.93 percent from 18.12 percent recorded in April 2021.

This was disclosed by the National Bureau of statistics (NBS) in the Consumer Price Index report released on Tuesday.

The report stated that inflation increased by 17.93 percent (year-on-year) in May 2021.

Increases were recorded in all COICOP divisions that yielded the Headline index.

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On month-on-month basis, the Headline index increased by 1.01 percent in May 2021. This is 0.04 percentage points higher than the rate recorded in April 2021 (0.97 percent).

The percentage change in the average composite CPI for the twelve months period ending May 2021 over the average of the CPI for the previous twelve months period was 15.50 percent, showing a 0.46 percent point rise from 15.04 percent recorded in April 2021.

READ ALSO: JUST IN: Nigeria inflation drops to 18.12% in April

The urban inflation rate increased by 18.51 percent (year-on-year) in May 2021 from 18.68 percent recorded in April 2021, while the rural inflation rate increased by 17.36 percent in May 2021 from 17.57 percent in April 2021.

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On a month-on-month basis, the urban index rose by 1.04 percent in May 2021, up by 0.05 percentage points compared to the rate recorded in April 2021 (0.99), while the rural index rose by 0.98 percent in May 2021, up by 0.03 points compared to the rate that was recorded in April 2021 (0.95 percent).

The percentage change in the average composite CPI for the twelve months period ending May 2021 over the average of the CPI for the previous twelve months period was 15.50 percent, showing a 0.46 percent point rise from 15.04 percent recorded in April 2021.

The corresponding twelve-month year-on-year average percentage change for the urban index is 16.09 percent in May 2021. This is higher than 15.63 percent reported in April 2021, while the corresponding rural inflation rate in May 2021 is 14.94 percent compared to 14.48 percent recorded in April 2021.

The food inflation also reduced to 22.28 percent in May from 22.72 in April.

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This rise in the food index was caused by increases in prices of Bread, Cereals, Milk, Cheese, Eggs, Fish, Soft drinks, Coffee, Tea and Cocoa, Fruits, Meat, Oils and fats and Vegetables.

On a month-on-month basis, the food sub-index increased by 1.05 percent in May 2021, up by 0.06 percent points from 0.99 percent recorded in April 2021.

The average annual rate of change of the Food sub-index for the twelve-month period ending May 2021 over the previous twelve-month average was 19.18 percent, 0.60 percent points from the average annual rate of change recorded in April 2021 (18.58) percent.

TAGGED: CPI report, inflation, nigeria today, nigeria today news
Kehinde Sallah June 15, 2021
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