Inflation drops 16.25% in May –NBS

Inflation drops 16.25% in May –NBS

— 16th June 2017

…Nigeria returns as Africa’s No. 1 crude exporter

By Amechi Ogbonna

The Federal Government’s claim that Nigeria’s economy may exit recession this year is gradually gaining traction as latest report from the National Bureau of Statistics (NBS) on Thursday show that inflation dropped to 16.25 per cent in May from 17.24 per cent a month ago.

This shows that prices of items in the basket of goods selected for compilling the Consumer Price Index for the month made about 1.25 points recovery away from the 15 per cent  target of the Economic Recovery and Growth Plan (ERGP).

According to the NBS report, inflation dropped from 17.24 per cent in April to 16.25 per cent in May with the highest increases recorded in food, solid and liquid fuels, clothing, fish and wines.

“The Consumer Price Index (CPI), which measures inflation increased by 16.25 per cent (year-on-year) in May 2017. This was 0.99 per cent points lower than the rate recorded in April (17.24 per cent). This represents the fourth consecutive decline in the rate of inflation since January 2017,” the report said. Read more