16 Jun Nigeria’s inflation falls again
For the second consecutive month, Nigeria’s inflation rate fell in May to 17.93 per cent from 18.12 per cent in April.
The National Bureau of Statistics said Tuesday that the prices of goods and services, measured by the Consumer Price Index (CPI) increased by 17.93 per cent in May 2021, compared to May 2020.
However food prices as food inflation rose in May to 22.28 per cent, compared with 22.72 per cent in April 2021.
According to the NBS, this rise in the food index in May 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.
It added that on a month-on-month basis, the food sub-index increased by 1.05 per cent in May 2021, up from 0.99 per cent 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 per cent, points from the average annual rate of change recorded in April 2021 (18.per cent),” it said.
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