The consumer price index, (CPI) which measures inflation decreased by 17.93 percent (year-on-year) in May 2021.
This is 0.19 percent points lower than the rate recorded in April 2021 (18.12 percent), a new report by the National Bureau of Statistics ((NBS) has said.
In its CPI Report for May 2021, released Tuesday on its website, the statistics bureau stated that on month-on-month basis, the Headline index increased by 1.01 percent in May 2021. This is 0.04 percentage points higher than the rate recorded in April 2021 (0.97 percent).
The urban inflation rate increased by 18.51 percent (year-on-year) in May 2021 from 18.68 percent recorded in April 2021, while the rural inflation rate increased by 17.36 percent in May 2021 from 17.57 percent in April 2021.
NBS noted in the report that food inflation continued to be the driver of inflation as it rose by 22.28 percent in May 2021 compared to 22.72 percent in April 2021.
On month-on-month basis, the food sub-index increased by 1.05 percent in May 2021, up by 0.06 percent points from 0.99 percent recorded in April 2021. 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 agency stated that food nflation In May 2021, on a year on year basis was highest in Kogi (32.82%), Kwara (26.02%) and Enugu (25.43%), while Akwa Ibom (20.06%), Bauchi (18.65%) and Abuja (16.91%) recorded the slowest rise in year on year inflation.
“On month on month basis however, May 2021 food inflation was highest in Kogi (3.11%), Ogun (2.89%) and Anambra (2.37%), while Edo, Sokoto and Ekiti recorded price deflation or negative inflation.”