Finance

Nigeria’s inflation dips to 17.93% in May

Bank of America warns Nigeria inflation may hit 30%

Nigeria’s inflation rate dropped to 17.93% in May 2021 from 18.12% recorded in April 2021.

The National Bureau of Statistics revealed this in its monthly Consumer Price Index report released on Tuesday.

The drop in the headline inflation in May was the second consecutive month  this year.

The report indicates that the consumer price index, (CPI) which measures the inflation rate increased by 17.93% (year-on-year) in May 2021, which is 0.19% points lower than the rate recorded in the preceding month.

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According to NBS, food inflation dropped in the same month from 22.78% recorded in April 2021 to 22.28% in May 2021.

The report reads: ‘‘All items less farm produce 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.

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‘‘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.’’

Vanguarg

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