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Nigeria’s Inflation Falls to 11.61% In May – NBS

Nigeria’s Consumer Price Index (CPI) for May decreased to 11.61 per cent (year-on-year) from 13.34 per cent recorded in April, says the National Bureau of Statistics.

In its CPI and inflation Report for May, released on Wednesday, the NBS said the latest figure was 0.87 per cent points less than the rate recorded in April.

The bureau said the figure showed 16 consecutive reductions in inflation rate since January 2017.

The report stated that increases were recorded in all the Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.

On a month-on-month basis, the bureau said the Headline Index increased by 1.09 per cent in May, up by 0.26 per cent points from the rate recorded in April.

It stated the percentage change in the average composite CPI for 12 months period ended May over the average of CPI for the previous 12 months period.

But it measured the CPI at 14.79 per cent in the period under review, showing 0.41 per cent point lower from 15.20 per cent recorded in April.

The report further showed that the urban inflation eased by 12.08 per cent (year-on-year) in May from 12.89 per cent recorded in April.

In addition, it stated that the rural inflation also eased 11.20 per cent in May from 12.13 per cent in April.

On month-on-month basis, it stated the urban index rose by 1.10 per cent in May, up by 0.25 per cent from 0.85 per cent recorded in April.

Also, it noted the rural index rose by 1.08 per cent in May, up by 0.26 per cent from the rate recorded in April (0.82) per cent.

According to the report, the corresponding twelve-month year-on-year average percentage change for the urban index was 15.10 per cent in May.


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Farouk Mohammed

Farouk Mohammed is a Senior Editor at Okay Nigeria (Okay.NG). He has been publishing for 5 years and focused more on Local/World News on Okay Nigeria.

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