Headline Inflation Rate Reduces to 22.97% in May – NBS
Nigeria’s headline inflation rate declined for the second consecutive month to 22.97% in May, the National Bureau of Statistics (NBS) said in its monthly consumer price index (CPI) report.
According to data released by the statistics office on Monday, the inflation rate eased by 74 basis points (bps) to 22.97% year-on-year in May from 23.71% in the month of April.
On a month-on-month basis, consumer prices moderated to 1.53% as against 1.86% in the previous month. The report also revealed that food inflation moderated by 12 bps to 21.14% y/y in May from 21.26% in April of the same year.
On a month-on-month basis, food inflation increased by 13 bps to 2.19% versus 2.06% reported in the previous month, attributed to the rate of increase in the average prices of yam, Avenger Cassava Tuber, maize flour, fresh pepper, and sweet potatoes.
Similarly, core inflation, measured by all items excluding farm produce and energy, eased by 110 bps to 22.28% year-on-year in May from 23.39% year-on-year. On a month-on-month basis, the core index moderated sharply by 24 bps to 1.10% in May from from1.34% in the previous month. Zenith Bank Rises as Investment Firms Upgrade Target Price
