Nigeria’s inflation rate dropped further for the second consecutive month to stand at 17.93% in May 2021.
This is a 0.19 per cent drop from the 18.12% recorded in April 2021.
“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.
The composite food index, on the other hand, rose by 22.28 per cent in May as against the 22.72 per cent reported in April.
This rise in the food index, the NBS explained, was as a result of increases in prices of bread, cereals, milk, cheese, eggs, fish, soft drinks, coffee, tea and cocoa, fruits, meat, oils and fats, and vegetables.
It disclosed that the food sub-index increased by 1.05 per cent in May from the 0.99 per cent recorded in April, on a month-on-month basis.
“The average annual rate of change of the Food sub-index for the 12-month period ending May 2021 over the previous 12-month average was 19.18 per cent, 0.60 percent points from the average annual rate of change recorded in April (18.58) per cent,” said the report.
The core inflation, also known as ‘all items less farm produce’, which excludes the prices of volatile agricultural produce, stood at 13.15 per cent in May as against the 12.74 per cent recorded in April.