13th June, 2018
By Kazeem Ugbodaga
Nigeria’s inflation plummets by 0.87 percent in May, says a report released by the National Bureau of Statistics, NBS, on Wednesday.
The NBS said the Consumer Price Index (CPI) which measured inflation increased by 11.61 percent (year-on-year) in May 2018.
“This is 0.87 percent points less than the rate recorded in April 2018 (13.34) percent and represents the sixteenth consecutive disinflation since January 2017,’ it said.
According to the NBS, increases were recorded in all COICOP divisions that yield the Headline Index.
On a month-on-month basis, the report said Headline index increased by 1.09 percent in May 2018, up by 0.26 percent points from the rate recorded in April 2018.
“The percentage change in the average composite CPI for the twelve months period ending May 2018 over the average the average of the CPI for the previous twelve months period was 14.79 percent, showing 0.41 percent point lower from 15.20 percent recorded in April 2018,” it said.