Nigeria’s inflation figure declined to 16.25 percent in May, down from 17.28 percent in April. Analysts at Financial Derivatives had forecast a sharp drop in inflation to 16.1 per cent. However, data released today by the National Bureau of Statistics shows that the Consumer Price Index, which measures inflation, fell to 16.25 percent.
The data also shows that on a month-on-month basis, the headline index increased by 1.88 percent in May 2017, 0.28 percent points higher than the rate of 1.60 percent recorded in April 2017, indicating the existence of persistence pressure on prices despite the general decline in year-on-year inflation
Food inflation increased by 19.27 percent year-on-year in May 2017, but it was down by 0.03 percent points from the rate recorded in April of 19.30 percent indicating continued pressure on food prices.
The rise in the food index, according to the NBS, was caused by increases in prices of meat, bread and cereals, fish, potatoes, milk cheese and eggs as well as vegetables such as tomatoes.
Source: Channels TV