Nigeria’s headline inflation dropped for the second consecutive month in May, but the prices of food have continued to surge.
Data published by the National Bureau of Statistics indicates that the Consumer Price Index, which measures inflation, increased by 17.93 per cent (year-on-year) in the fifth month of the year 2021.
While this is 0.19 per cent points lower than the 18.12 per cent recorded in April, increases were recorded in all Classification of Individual Consumption by Purpose divisions that yielded the headline index.
On a month-on-month basis, the headline index increased by 1.01 per cent in May, representing higher percentage points of 0.04 than the rate recorded in the previous month.