Nigeria’s headline inflation dropped for the second consecutive month in May, but the prices of food have continued to surge.
Latest data published by the National Bureau of Statistics (NBS) on Tuesday indicates that the Consumer Price Index (CPI), which measures inflation, increased by 17.93 per cent (year-on-year) in the fifth month of the year 2021.
While this is 0.19 per cent points lower than the 18.12 per cent recorded in April, increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.
On a month-on-month basis, the headline index increased by 1.01 per cent in May, representing higher percentage points of 0.04 than the rate recorded in the previous month (0.97 per cent).
“The percentage change in the average composite CPI for the 12 months period ending May 2021 over the average of the CPI for the previous 12 months period was 15.50 per cent, showing a 0.46 percent point rise from 15.04 per cent recorded in April 2021,” the NBS data titled CPI Report May 2021 read.
Similarly, the urban inflation rate rose to 18.51 percent (year-on-year) in May from 18.68 per cent recorded in April, just as the rural inflation rate stood at 17.36 per cent in May from the 17.57 per cent previously reported.
Credit: channelstv.com
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