NIGERIA: Inflation Drops Slightly to 9%

Nigeria's headline inflation dropped slightly to nine per cent in May from 9.1 per cent in the previous month, the National Bureau of Statistics (NBS) said Sunday.

According to the latest Consumer Price Index (CPI) which measures inflation, on a yearly basis, the rates continue to hold below single digits as the core sub-index continued to show a muted rise due to base effects.

The NBS said: “The CPI, which measures inflation, rose by 9.0 per cent year-on-year in May (slightly below the 9.1 per cent rate recorded in April).

“The increase in food prices captured by the Food Sub-index, while significant, are also lower year-on-year. Through the first five months of 2013, the Food Sub-index has averaged 10.0 per cent, 1.8 per cent lower than rates recorded over the same period last year.

According to the report, the urban CPI was recorded at 144.5 points in May, a 9.4 per cent year-on-year change.

It said: “This was lower than the 9.7 per cent recorded in April. The corresponding Rural National CPI recorded an 8.6 per cent year-on-year change, lower than the 8.9 per cent in April by 0.3 percentage points.

“On a month-on-month basis, the Urban All-item index increased in May by roughly the same rate as recorded in April (0.6 per cent), while the Rural All Items index increased from levels recorded in April by 0.5 per cent."

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