For the sixteenth consecutive month since January 2017, Nigeria’s inflation rate measured by the Consumer Price Index (CPI) dropped from 12.48 per cent in April 11.61 per cent in May, year-on-year, the National Bureau of Statistics (NBS) disclosed in its CPI report for May yesterday.
On a month-on-month basis, the headline index increased by 1.09 per cent 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 per cent, showing 0.41 per cent point lower from 15.20 per cent recorded in April 2018.
The urban inflation rate eased by 12.08 per cent (year-on-year) in May 2018 from 12.89 per cent recorded in April, while the rural inflation rate also eased 11.20 percent in May from 12.13 per cent in April.
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