BY VICTORIA ONU, ABUJA
THE Consumer Price Index which measures inflation has again dropped to 17.93 per cent in May, signaling an improvement from the 18.12 per cent recorded in April.
Since the first quarter of 2021, inflation has spiked from 16.47 per cent per cent in January to 17.33 per cent in February, 18.17 per cent and 18.12 per cent in March and April, respectively.
The CPI report released by the National Bureau of Statistics on Tuesday shows that food inflation plunged to 22.28 per cent in May compared to the 22.72 per cent recorded in April.
“This rise in the food index was caused by increases in prices of Bread, Cereals, Milk, Cheese, Eggs, Fish, Soft drinks, Coffee, Tea and Cocoa, Fruits, Meat, Oils and fats and Vegetables,” the report stated.
In March, food inflation was 22.95 per cent, the NBS had said.
The Core inflation, which excludes the prices of volatile agricultural
produce stood at 13.15 per cent in May 2021, which is a rise by 0.41 per cent when compared with 12.74 per cent witnessed in April 2021.
Kogi State recorded the highest inflation at 25.13 per cent closely followed by Bauchi and Sokoto with 23.02 per cent and 20.11 per cent respectively.
“Katsina (15.69 per cent), Imo (15.52 per cent) and Delta (14.85 per cent) recorded the slowest rise in headline Year on Year inflation,” the NBS said.
During the period, food inflation on a year on year basis was highest in Kogi (32.82 per cent), Kwara (26.02 per cent) and Enugu (25.43 per cent), while Akwa Ibom (20.06 per cent), Bauchi (18.65 per cent) and Abuja (16.91 per cent) recorded the slowest rise in year on year inflation.
