The
National Bureau of Statistics (NBS) on Tuesday said Nigeria’s inflation dropped
to 16.25 per cent in May from 17.24 per cent in April.
The NBS made this known in its
“Consumer Price Index (CPI) May 2017’’ report released on Thursday in Abuja.
According to the bureau, this is
the fourth consecutive decline in the rate of inflation since January.
On a month-on-month basis, the
bureau stated that the Headline index increased by 1.88 per cent in May 2017,
0.28 per cent points higher than the rate of 1.60 per cent recorded in April
2017.
It stated that food inflation
increased by 19.27 per cent (year-on-year) in May 2017, down by 0.03 per cent
points from the rate of 19.30 per cent recorded in April.
On a month-on-month basis, the
bureau stated that the food sub-index increased by 2.54 per cent in May, up by
0.50 per cent points from 2.04 per cent recorded in April.
The bureau said rise in the food
index was caused by increases in prices of meat, bread and cereals, fish,
potatoes, milk cheese and eggs as well as vegetables such as tomatoes.
The percentage change in the
average composite CPI for the 12 months period ending in May 2017 over the
average of the CPI for the previous 12 months period was 17.63 per cent.
“This is
against 17.59 per cent recorded in April 2017, it said.’’
It said the urban index rose by
16.34 per cent (year-on-year) in May 2017 from 17.62 per cent recorded in
April.
Accordingly, the rural index
increased by 16.02 per cent in May from 16.69 per cent in April.
On month-on-month basis, it stated
that the urban index rose by 1.84 per cent in May from 1.61 per cent recorded
in April, while the rural index rose by 1.92 per cent in May from 1.59 per cent
in April.
The CPI measures the average
changeover time in prices of goods and services consumed by people for
day-to-day living.
The construction of the CPI
combines economic theory, sampling and other statistical techniques using data
from other surveys to produce a weighted measure of average price changes in
the Nigerian economy. (NAN)
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