Inflation drops by 1% in Nigeria

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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

“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

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