Inflation Falls To 16.25% In May
Nigeria’s annual inflation eased for the fourth straight month in May, falling to 16.25% from 17.24% in April, the National Bureau of Statistics, NBS said in a report published on Thursday.
A separate food price index also showed inflation decline as it dropped to 19.27%, down from 19.30% 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," NBS 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.
But while this looks like good news, nothing seems to be changing when the figures for the months are considered.
According to the NBS reports, on a month-on-month basis, the Headline index increased by 1.88% in May 2017, 0.28% points higher than the rate of 1.60% recorded in April 2017 indicating the existence of persistence pressure on prices despite the general decline in year-on-year inflation.
Month on Mont inflation has cumulatively risen by 7.7% since January 2017.
And when it comes to things that really matter to the everyday Nigerians – food on a month-on-month basis, the figures are not looking good, prices are not coming down.
According to the inflation data, “Selected food price watch data for May 2017 reflected that the average price of 1 dozen of Agric eggs medium size increased year-on-year by 41.27% and month-on-month by 0.78% to 522.71 Naira in May 2017 from 518.66 Naira in April 2017 while the average price of piece of Agric eggs medium size (price of one) increased year-on-year by 34.58% and decreased month-on-month by 1.05% to 45.73 Naira in May 2017 from 46.22 Naira in April 2017."
The average price of 1kg of tomato decreased year-on-year by 13.04% and increased month-on-month by 18.90 % to 339.72 Naira in May 2017 from 285.72 Naira in April 2017.