Home Business Nigeria’s Inflation Rate Dips to 17.93% in May

Nigeria’s Inflation Rate Dips to 17.93% in May

by Editor
228 views
Nigeria’s inflation rate dropped for the second consecutive month in May 2021 to 17.93 per.cent , according to a release on Tuesday by the National Bureau of Statistics.
 
In its monthly Consumer Price Index report, the NBS said the consumer price index, (CPI) which measures the inflation rate increased by 17.93% (year-on-year) in May 2021, representing 0.19% points lower than the rate recorded in the preceding month.of April.

According to NBS, food inflation dropped in the same month from 22.78% recorded in April 2021 to 22.28% in May 2021.

The report read: ‘‘All items less farm produce which excludes the prices of volatile agricultural produce stood at 13.15% in May 2021, up by 0.41% when compared with 12.74% recorded in April 2021.

‘‘The highest increases were recorded in prices of Pharmaceutical products, Garments, Shoes and other footwear, Hairdressing salons and personal grooming establishments, Furniture and furnishing, Carpet and other floor covering.

‘‘Others include, Motor cars, Hospital services, Fuels and lubricants for personal transport equipment, Cleaning, repair and hire of clothing, Other services in respect of personal transport equipment, Gas, Household textile, and Non-durable household goods.’’

Leave a Comment