- Nigeria's inflation rate has dropped again
- According to the National Bureau of Statistics, this is the fourth consecutive time inflation will be dropping
- Inflation dropped to 16.25% from 17.24% in April
The National Bureau of Statistics (NBS) in a report released today said Nigeria's inflation had dropped to 16.25% from 17.24% in April.
This is a significant development as it represented the fourth consecutive decline in the rate of inflation in the country since January 2017.
For some time now, prices of commodities in Nigeria have risen astronomically.
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The report by the NBS read in part:
"The Consumer Price Index (CPI) which measures inflation increased by 16.25 percent (year-on-year) in May 2017. This was 0.99 percent points lower the rate recorded in April (17.24percent). Accordingly, this represents the fourth consecutive decline in the rate of inflation since January 2017.
"On a month-on-month basis, the Headline index increased by 1.88 percent in May 2017, 0.28 percent points higher than the rate of 1.60 percent 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."
NAIJ.com had also reported that the National Bureau of Statistics (NBS) said that the FCT and Lagos state reported a total of 58,566 crime cases in 2016.
The NBS stated this in a Crime Statistics: Reported by Type and State in 2016 and posted on the bureau’s website on Tuesday in Abuja.
Watch video as NAIJ.com asks Nigerians of the possibility of naira equating dollar.