Nigeria’s inflation drops slightly to 17.93% in May 2021

WorldStage Newsonline– Nigeria’s headline inflation declined slightly by 19bps to 17.93% y/y in May 2021 from April’s 18.12% y/y, according to a report by the National Bureau of Statistics (NBS).

Food inflation slowed down by 44bps to 22.28% y/y in May 2021 (April: 22.72% y/y). Notably, the highest price increases were recorded in Bread, Cereals, Milk, Cheese, Eggs, Fish, Soft drinks, Coffee, Tea and Cocoa, Fruits, Meat, Oils and fats and Vegetables.

On a month-on-month basis, food inflation was higher at 1.05% in April (April: 0.99%).

Contrary to the declines seen in the headline and food indices, core inflation rose by 41bps to 13.15% y/y.

Pressures were most significant in the prices of Pharmaceutical products, Garments, Shoes and other footwear, Hairdressing salons and personal grooming establishments, Furniture and furnishing, Carpet and other floor covering, Motor cars, Hospital services, Fuels and lubricants for personal transport equipment, Cleaning, repair and hire of clothing, Other services in respect of personal transport equipment, Gas, Household textile and Non durable household goods.

Compared to the previous month, the core index increased by 25bps to 1.24% m/m in May.  

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