Nigeria’s Consumer Price Index (CPI), which measures inflation has dropped to 17.93% in May 2021, according to the lastest report by National Bureau of Statistics (NBS).
The recent figure dropped by 0.19% compared to 18.12% inflation rate recorded in April, 2021.
Further breakdown revealed that the urban inflation rate increased by 18.51%(year-on-year basis) in May 2021 from 18.68% increase in April 2021.
Also, the rural inflation rate increased by 17.36% (year-on-year basis) in May 2021, compared to 17.57% increase recorded in April 2021.
According to the NBS, the CPI which measures the inflation rate, calculates the average change over time in prices of goods and services consumed by people for day-to-day living.
Under the food index category, the inflation rate rose by 22.28% in May 2021 compared to the 22.72% in April.
According to the NBS, the rise in the food index is attributed to the increase in prices of bread; cereals; Potatoes; yam and other tubers; meat; vegetables; oil and fruits.
Further analysis of the state profiles under the year on year category, revealed that in March, Kogi State recorded the highest all item inflation rate with 25.13%. Bauchi State recorded the second highest with 23.02% while Sokoto State came third with 20.11%.
On month on month basis however, May 2021 all items inflation was highest in Kogi 2.22%, Ogun State came second with 2.17% and Cross River 2.07%, came third.
However, Ekiti State recorded the lowest all item inflation rate (year-on-year basis) with 0.02%, under the period in review.
In addition, under the year on year category of food inflation index, Kogi State also recorded the highest index with 32.82%, under the period in review, while Kwara State recorded second highest rate with 26.02%. Enugu State came third with 25.43%.
Akwa Ibom recorded the lowest inflation (year-on-year) with 20.06%, while Bauchi State recorded the second lowest index with 18.65%, with Abuja coming third with 16.91% under the period in review.
On month on month basis however, May 2021 food inflation was highest in Kogi State with 3.11%, Ogun State with 2.89% and Anambra State with 2.37%.