Nigeria’s annual inflation has dropped to 11.61% in May, below the federal government’s projection of 12.42% set in the 2018-2020 Medium Term Expenditure Framework and Fiscal Strategy Paper, according to data released by the Nationa Bureau for Statistics(NBS).
Wednesday’s figures released by the country’s data watchdog showed inflation declined for the 16th straight month.
According to the report, food inflation declined to 13.45% from 14.80% in April.
The Consumer Price Index for May 2018 showed that the highest increases were recorded in yam, potatoes, tubers, vegetables, fish, bread, fruits and cereals.
The report read in part, “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.”
“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.”