Nigeria’s inflation index for May dropped to 11.61% from 12.48% recorded in April, marking the 16thconsecutive decline and suggesting sustained traction of economic recovery, according to data released Wednesday by the National Bureau of Statistics (NBS).
Food inflation dropped to 13.45% as against 14.80% in April.
“The Consumer Price Index (CPI) which measures inflation increased by 11.61% (year-on-year) in May 2018. This is 0.87% points less than the rate recorded in April 2018 13.34% and represents the sixteenth consecutive disinflation since January 2017,” the report read.
“On a month-on-month basis, the headline index increased by 1.09% in May 2018, up by 0.26% points from the rate recorded in April 2018,” the NBS said.
