Data released by the National Bureau of Statistics
(NBS) on Thursday show that inflation dropped to
16.25%, making it 1.25 points away from the 15%
goal of the Economic Recovery and Growth Plan
(ERGP).
According to the NBS report, inflation dropped from
17.24% in April to 16.25% in May.
In May, the highest increases were recorded in food,
solid and liquid fuels, clothing, fish and wines.
“The Consumer Price Index (CPI) which measures
inflation increased by 16.25% (year-on-year) in May
2017. This was 0.99% points lower the rate recorded in
April (17.24%). Accordingly, this represents the fourth
consecutive decline in the rate of inflation since
January 2017,” the report said.
“On a month-on-month basis, the headline index
increased by 1.88% in May 2017, 0.28% points higher
than the rate of 1.60% recorded in April 2017 indicating
the existence of persistence pressure on prices despite
the general decline in year on year inflation. Month on
Month inflation has cumulatively risen by 7.7% since
January 2017.
“The food index increased by 19.27% (year-on-year)
in May 2017, down by 0.03% points from the rate
recorded in April (19.30%) indicating continued
pressure on food prices.
“Price movements recorded by All Items less farm
produce or Core sub-index rose by 13.00& (year-on-
year) in May, down by 1.80% points from rate recorded
in April (14.80%). This represents the 7th straight
month of decline in the core index since November
2016.”
The ERGP, which was launched by the administration
of President Muhammadu Buhari, aims to reduce the
inflation rate to about 15% before the end of 2017.
TheCable
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