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 releasedWednesdayby 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.
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