Nigeria’s inflation drops to 11.61 percent in May – NBS

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The National Bureau of Statistics (NBS) says the Consumer Price Index (CPI), which measures inflation for May, decreased to 11.61 per cent (year-on-year) from 13.34 per cent recorded in April.

The NBS disclosed this in its CPI and inflation Report for May released on Wednesday in Abuja.

According to NAN, the bureau said this figure is 0.87 per cent point less than the rate recorded in April.

The bureau also said the figure showed 16 consecutive reductions in inflation rate since January 2017.

The report stated that increases were recorded in all the Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.

On a month-on-month basis, the bureau said the Headline Index increased by 1.09 per cent in May, up by 0.26 per cent points from the rate recorded in April.

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