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    Nigeria-Inflation-Economy

    Nigeria: Inflation rate drops to 11.61 percent in May

    APA – Lagos (Nigeria)

    Nigeria’s Bureau of Statistics (NBS) says that the Consumer Price Index (CPI), which measures inflation, increased by 11.61 percent (year-on-year) in May 2018.

    The NBS said in its monthly report on inflation released on Wednesday that  “this is 0.87 percent points less than the rate recorded in April 2018 (12.48) percent and represents the 16th consecutive disinflation since January 2017”.

    It added that increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yield the Headline Index.

    On a month-on-month basis, the Headline index increased by 1.09 percent in May 2018, up by 0.26 percent points from the rate recorded in April 2018.

    According to the NBS, the percentage change in the average composite CPI for the 12 months period ending May 2018 over the average the average of the CPI for the previous 12 months period was 14.79 percent, showing 0.41 percent point lower from 15.20 percent recorded in April 2018.

    It explained that the urban inflation rate eased by 12.08 percent (year-on-year) in May 2018 from 12.89 percent recorded in April, while the rural inflation rate also eased 11.20 percent in May from 12.13 percent in April.

    “On month-on-month basis, the urban index rose by 1.10 percent in May 2018, up by 0.25from 0.85 percent recorded April, while the rural index also rose by 1.08 percent in May 2018, up by 0.26 percent from the rate

    recorded in April (0.82) percent.

    “The corresponding 12-month year-on-year average percentage change for the urban index is 15.10 percent in May 2018. This is less than 15.47 percent reported in April, while the corresponding rural inflation rate in May 2018 is 14.53 percent compared to 14.95 percent recorded in April,” the NBS added. 


    GIK/APA

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