Nigeria Inflation Eases for Second Month, Now 17.93%

Nigeria Inflation Eases for Second Month, Now 17.93%

By Sahabi Abdul

Nigeria’s annual inflation slowed for the second straight month in May, settling at 17.93 as food costs, it’s main driver, also eased during the period.

May’s figure compares with 18.12 percent recorded in April. Food inflation stood at 22.28 in May from 22.72 percent in April, according to data released by the National Bureau of Statistics.

The increase in food prices was mainly due to higher costs for items such as bread, cereals, milk, egg and a broad range of beverages.

Nigeria has seen inflationary pressures aggravated in the past year by the effects of the lockdown to combat coronavirus, the plunge in revenue amid low demand for oil,  its main export, and worsening insecurity across key agricultural areas.

March annual inflation was the highest in more than three years, widely off the central bank target of keeping it within 6-9 percent, which hasn’t been attained in more than 5 years.