Nigeria inflation falls to 16.25 percent in May – NBS

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LAGOS, JUNE 15, 2017 – Annual inflation in Nigeria eased for the fourth straight month in May, falling to 16.25 percent from 17.24 percent in April, the National Bureau of Statistics said in a report published on Thursday.

A separate food price index showed inflation at 19.27 percent, down from 19.30 percent in April.

“The rise in the (food) index was caused by increases in prices of meat, bread and cereals, fish, potatoes, milk cheese and eggs as well as vegetables such as tomatoes,” the statistics office said.

Annual inflation fell in April and two months prior to that. The fall in February was the first drop in inflation in 15 months.

Nigeria, which has Africa’s largest economy, is in its second year of recession and is contending with a currency crisis and dollar shortages brought on by low oil prices, which is the OPEC member’s mainstay.

 

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