For the past 2 years, Nigeria’s inflation rate has maintained a consistent decline since the past two years. But in May, it slowed to 11.61%, its lowest level in more than two years. It is also the 16th straight monthly drop.

According to inflation figures released on Wednesday by the National Bureau of Statistics, NBS, the annual inflation fell from 12.48% in April.

A separate food price index showed inflation at 13.45% in May, compared with 14.80% in April.

Food inflation has been a headache, being in double digits for almost three years, but has slowed for more than six months.

But as far as food inflation is concerned, the NBS said the highest increases were recorded in potatoes, yam and other tubers, as well as vegetables plus fish, bread and cereals.

Also Read: How Low Food Prices Helped Keep Nigeria Inflation Down

You may recall that the Central Bank of Nigeria, CBN last month refused to lower interest rates, holding it at 14%, saying that inflation was still above its single-digit target.

The bank said inflation could worsen again with the influx of cash from spending related to much-delayed 2018 budget.

The central bank has kept benchmark rates tight for more than a year to curb inflation, support the naira and attract foreign investors into its debt market.

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