The National Bureau of Statistics (NBS) says Nigeria’s inflation rate reduced in May by 0.19 per cent to 17.93 per cent from 18.12 per cent recorded in April.
In its “Consumer Price Index (CPI), May 2021” report it released on Tuesday in Abuja, the Bureau added that CPI, which measures inflation, increased by 17.93 per cent (year-on-year) in May.
“Increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.
“On month-on-month basis, the headline index increased by 1.01 per cent in May, this is 0.04 percentage points higher than the rate recorded in April 2021 (0.97 per cent),” the NBS stated.
The report said the percentage change in the average composite CPI for the 12-month period ending May over the average of the CPI for the previous 12-month period was 15.50 per cent.
This, it said, showed 0.46 per cent point rise from 15.04 per cent recorded in April.
