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

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

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

On month-on-month basis, Inflation increased by 1.01 percent in May 2021. This is 0.04 percentage points higher than the rate recorded in April 2021 (0.97 percent).

A breakdown shows inflations in urban area increased by 18.51 percent (year-on-year) in May 2021 from 18.68 percent recorded in April 2021, while the rural inflation rate increased by 17.36 percent in May 2021 from 17.5 percent in April 2021.

For Food inflation, a closely watched index dropped from 22.72% recorded in April 2021 to 22.28% in May 2021, indicating the second consecutive decline in the food index.

READ ALSO: Wheat scarcity, price inflation set to hit Nigerians as CBN plans 60% importation cut

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

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 include Motor cars, Hospital services, Fuels, and lubricants for personal transport equipment, cleaning, repair and hire of clothing, Other services in respect of personal transport equipment, Gas, Household textile, and Non-durable household goods.

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