Annual inflation rate in Nigeria drop further for the fourth straight month in May, falling to 16.25 percent from 17.24 percent in April, the National Bureau of Statistics said in a report released in Abuja.
A separate food price index showed inflation at 19.27 percent, down from 19.30 percent in April.
“The rise in the (food) index was caused by increases in prices of meat, bread and cereals, fish, potatoes, milk cheese and eggs as well as vegetables such as tomatoes,” the statistics office said.
Annual inflation fell in April and two months prior to that. The fall in February was the first drop in inflation in 15 months.
NBS in its report said “The Consumer Price Index (CPI) which measures inflation increased by 16.25 per cent, year-on-year, in May 2017. This was 0.99 per cent lower than the rate recorded in April which was 17.24 per cent. Accordingly, this represents the fourth consecutive decline in the rate of inflation since January 2017
“On a month-on-month basis, the headline index increased by 1.88 per cent in May 2017, 0.28 per cent higher than the rate of 1.60 per cent recorded in April 2017 indicating the existence of persistence pressure on prices despite the general decline in year on year inflation. Month on Month inflation has cumulatively risen by 7.7 per cent since January 2017
“The percentage change in the average composite CPI for the twelve month period ending in May2017 over the average of the CPI for the previous twelve-month period was 17.63 per cent, higher from 17.59 per cent recorded in April 2017. The Food Index increased by 19.27 per cent, year-on-year in May 2017, down by 0.03 per cent from the rate recorded in April 19.30 percent indicating continued pressure in food prices.
“Price movements recorded by All Items less farm produce or Core sub-index rose by 13.00 percent (year-on-year) in May, down by 1.80 percent points from rate recorded in April (14.80) percent. This represents the 7th straight month of decline in the core index since November 2016. The Urban index rose by 16.34 percent (year-on-year) in May 2017 from 17.62 percent recorded in April, while the Rural index increased by 16.02 percent in May from 16.69 percent in April.
“On month-on-month basis, the urban index rose by 1.84 percent in May from 1.61 percent recorded in April, while the rural index rose by 1.92 percent in May from 1.59 percent in April. The corresponding twelve-month year-on-year average percentage change for the urban index increased from 18.98 percent in April to 18.88 percent in May, while the corresponding rural index also increased from 16.37 percent in April to 16.50percent in May”.
