The Nigerian economy is turning the bend and is on a recovery path as evidenced by the Consumer Price Index which measures inflation with the index dropping from 17.24 per cent in April to 16.25 per cent year-on-year.

In a month-on-month basis report released by the National Bureau of Statistics on Thursday the headline index rose by 1.88 per cent in May representing a 0.28 per cent points higher than the rate of 1.60 per cent recorded in April.

 “The Consumer Price Index which measures inflation increased by 16.25 per cent (year-on-year) in May 2017 compared to 17.24 per cent in April.

“On a month-on-month basis, the Headline index increased by 1.88 percent in May 2017, 0.28 percent points higher than the rate of 1.60 percent recorded in April 2017

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“Food Inflation increased by 19.27 percent (year-on-year) in May 2017, down by 0.03 per cent points from the rate recorded in April of 19.30 per cent.”

 

Source: Persecond news