Nigeria’s inflation rate drops to 17.93%

The Consumer Price Index, which measures the rate of change in prices of goods and services, dropped to 17.93 per cent in May from 18.12 in April.
This is the highpoint of the ‘Consumer Price Index Report’ released by the National Bureau of Statistics on Tuesday.
On month-on-month basis, the headline index increased by 1.01 per cent in May 2021. This is 0.04 percentage points higher than the rate recorded in April 2021 (0.97 per cent).
The urban inflation rate increased by 18.51 per cent (year-on-year) in May 2021 from 18.68 per cent recorded in April 2021, while the rural inflation rate increased by 17.36 per cent in May 2021 from 17.57 per cent in April 2021.
The report said in May 2021, all items inflation on year on year basis was highest in Kogi (25.13 per cent), Bauchi (23.02 per cent) and Sokoto (20.11 per cent), while Katsina (15.69 per cent), Imo (15.52 per cent) and Delta (14.85 per cent) recorded the slowest rise in headline Year on Year inflation.
“On month on month basis however, May 2021 all items inflation was highest in Kogi (2.22%), Ogun (2.17%) and Cross River (2.07%), while Ekiti (0.02%) recorded the slowest rise in headline month on month
with River and Sokoto recording price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).”
The food inflation also reduced to 22.28 per cent in May from 22.72 in April.
This was driven by irise in prices of bread, cereals, milk, cheese, eggs, fish, soft drinks, coffee, tea and cocoa, fruits, meat, oils and fats and vegetables.
“In May 2021, food inflation on a year on year basis was highest in Kogi (32.82%), Kwara (26.02%) and Enugu (25.43%), while Akwa Ibom (20.06%), Bauchi (18.65%) and Abuja (16.91%) recorded the slowest rise in year on year inflation,” the report added.
It also stated, “On month on month basis however, May 2021 food inflation was highest in Kogi (3.11%), Ogun (2.89%) and Anambra (2.37%), while Edo, Sokoto and Ekiti recorded price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).”