Nigeria’s headline inflation dropped by 0.19 per cent to 17.93 per cent in May 2021 from 18.12 per cent recorded in the previous month.
The National Bureau of Statistics disclosed this in its ‘Consumer Price Index May 2021’ data released on Tuesday.
According to the data, increases were recorded in all classification of individual consumption by purpose divisions that yielded the headline index.
It showed that on a month-on-month basis, the headline index increased by 1.01 per cent, or 0.04 per cent points higher than the rate recorded in April 2021 (0.97 per cent).
Urban inflation decreased to 18.51 per cent in the reviewed month from 18.68 per cent recorded in April, while rural inflation also decreased to 17.36 per cent in May from 17.57 per cent in April.
While on a MoM basis the urban index rose by 1.04 per cent in May, up by 0.05 per cent compared to the 0.99 rate recorded in April, the rural index rose by 0.98 per cent in May, up by 0.03 points compared to the 0.03 per cent that was recorded in April.
Composite food index also dropped to 22.28 per cent in the month under review compared to 22.72 per cent in April, indicating a 0.44 per cent decrease, amid increasing prices of bread, cereals, milk, cheese, eggs, fish, soft drinks, coffee, tea and cocoa, fruits, meat, oils and fats and vegetables.
The food index on a MoM basis increased by 1.05 per cent in May, up by 0.06 per cent from 0.99 per cent recorded in April, the report also showed.
Core inflation, which excluded the prices of volatile agricultural produce, stood at 13.15 per cent in May, up by 0.41 per cent when compared with 12.74 per cent recorded in April.
“On month-on-month basis, the core sub-index increased by 1.24 per cent in May, or 0.25 per cent when compared with 0.99 per cent recorded in April.
“The NBS data showed that the highest increases were recorded in prices of pharmaceutical products, garments, shoes and other footwear, hairdressing salons and personal grooming establishments,” said the report.
The data added that inflation was highest on a YoY basis 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 YoY basis.
Get real time update about this post categories directly on your device, subscribe now.