Breaking: Nigeria’s inflation rate drops further to 17.93% in May 2021

Nigeria’s inflation rate dropped further for the second consecutive month to stand at 17.93 per cent in May 2021 from 18.12 per cent in April 2021.

This is contained in the Consumer Price Index report, released by the National Bureau of Statistics (NBS)on Tuesday.

According to the report, the consumer price index, (CPI) which measures the inflation rate increased by 17.93% (year-on-year) in May 2021. This is 0.19% points lower than the rate recorded in April 2021 (18.12%).

Food inflation, a closely watched index dropped from 22.78 per cent recorded in April 2021 to 22.28 per cent in May 2021, representing second consecutive decline in the food index.

The ”All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 13.15 per cent in May 2021, up by 0.41 per cent compared with the 12.74 per cent recorded in April 2021.

The data from NBS revealed that 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 are Motor cars, Hospital services, Fuels and lubricants for personal transport equipments, Cleaning, repair and hire of clothing, Other services in respect of personal transport equipments, Gas, Household textile, and Non-durable household goods.