Nigeria’s inflation rate dropped to 17.93% in May 2021 from 18.12% recorded in April 2021.
The National Bureau of Statistics (NBS) revealed this in its monthly Consumer Price Index report released on Tuesday.
The drop in the headline inflation in May was the second consecutive month, this year.
The report indicates that the consumer price index, (CPI) which measures the inflation rate increased by 17.93% (year-on-year) in May 2021, which is 0.19% points lower than the rate recorded in the preceding month.
According to NBS, food inflation dropped in the same month from 22.78% recorded in April 2021 to 22.28% in May 2021.
The report reads: ‘‘All items less farm produce which excludes the prices of volatile agricultural produce stood at 13.15% in May 2021, up by 0.41% when compared with 12.74% recorded in April 2021.
‘‘The highest increases were recorded in prices of Pharmaceutical products, Garments, Shoes and other footwear, Hairdressing salons and personal grooming establishments, Furniture and furnishing, Carpet and other floor covering.
‘‘Others include, Motor cars, Hospital services, Fuels and lubricants for personal transport equipment, Cleaning, repair and hire of clothing, Other services in respect of personal transport equipment, Gas, Household textile, and Non-durable household goods.’’
The highest increases were recorded in prices of pharmaceutical products, garments, shoes and other footwear, hairdressing salons and personal grooming establishments.
Others are furniture and furnishing, carpet and other floor covering, motor cars, hospital services, fuels and lubricants for personal transport equipments, cleaning, repair and hire of clothing, other services in respect of personal transport equipments, gas, household textile and non durable household goods.
According to the NBS, core inflation was highest in Kogi with 25.13 per cent, Bauchi 23.02 per cent and Sokoto (l20.11 per cent while Katsina 15.69 per cent, Imo 15.52 per cent and Delta 14.85 per cent recorded the slowest rise in headline year on year inflation.
Similarly, food inflation was highest in Kogi 32.82 per cent, Kwara 26.02 per cent and Enugu 25.43 per cent, while Akwa Ibom 20.06 per cent, Bauchi 18.65 per cent and Abuja 16.91 per cent.