Nigeria’s Inflation Rate Drops To 11.6%

The National Bureau of Statistics says the consumers Prices Index (CP) I, which measures inflation for May decreased to 11.61 per cent (year-on-year) from 13.34 per cent recorded in April, 2018.
The Bureau disclosed this in its CPI and Inflation report for May, 2018 released recently in Abuja.
According to the report, the Bureau said this figure is 0.87 per cent less than the rate recorded in April, stressing that the figure showed 16 consecutive reductions in inflation rate since January, 2017.
The report, The Tide gathered stated that increases were recorded in all the classification of individual consumption by purpose (COI COP) divisions that yielded the headline index.
On a month-on-month basis, the Bureau said the headline index increased by 1.09 per cent in May up by 0.26 per cent points from the rate recorded in April.
It stated that the per centage change in the average composite CPI for 12 months period ended in May over the average of CPI for the previous 12 months period.
It, however, measured the CPI at 14.79 per cent in the period under review, showing 0.41 per cent point lower from 15.20 per cent record in April, this year.
The report further showed that the Urban inflation eased by 12. Of per cent (year-on-year) in May from 12.89 per cent recorded in April.
In addition, it added that the rural inflation also eased 11.20 per cent in May from 12.13 per cent in April, 2018.