Nigeria’s inflation rate slowed for the second successive month in May, marking the first time in two years that the rate has slowed for two straight months.
Headline inflation decelerated to 17.93% in May 2021 from 18.12% recorded in April 2021, the National Bureau of Statistics (NBS) said Tuesday.
The trend comes as a surprise to analysts who were predicting a spike in the rate.
Food inflation, a closely watched index also dropped from 22.78% recorded in April 2021 to 22.28% in May 2021, indicating the second consecutive decline in the food index.
The ‘All items less farm produce’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 13.15% in May 2021, up by 0.41% when compared with 12.74% recorded in April 2021.
The highest increases were recorded in prices of Pharmaceutical products, Garments, Shoes and other footwear, Hairdressing salons and personal grooming establishments, Furniture and furnishing, Carpet and other floor covering.
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