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Finance: Nigeria’s food prices increased in May as inflation dropped to 11.61%

The May 2018 inflation figure represents 0.87 % points less than the 13.34% recorded in April, the 16th consecutive disinflation since Janu...

Nigeria’s food prices increased in May as inflation dropped to 11.61%

The May 2018 inflation figure represents 0.87 % points less than the 13.34% recorded in April, the 16th consecutive disinflation since January 2017.

 

  • Nigeria’s annual inflation rate dropped to 11.61% in May 2018 from 12.48% in the prior month.

  • Food prices increased by 1.33% in May from 0.91% recorded in April.

  • Nigeria's central bank is still holding key lending rates at 14%, the highest in 10 years to curb double digit inflation.


Nigeria’s annual inflation rate dropped to 11.61% in May 2018 from 12.48% in the prior month, the sixteen consecutive decline and lowest in over 2 years.

Despite the annual disinflation, food prices increased by 1.33% in May from 0.91% recorded in April.

The National Bureau of Statistics (NBS) disclosed this in its CPI report titled ‘CPI and Inflation Report May 2018’, released on Wednesday, June 13, 2018, in Abuja, Nigeria's capital city.

The May 2018 headline figure represents 0.87 % points less than the 13.34%  recorded in April and represents the sixteenth consecutive disinflation since January 2017.

Food index

The NBS noted that this rose by 13.45% year-on-year in May, caused by an increase in prices of potatoes, yam and other tubers, vegetables, fish, bread and cereals, fruits and meat.

On a month-on-month basis, the food index increased by 1.33% in May, up by 0.42%  points from 0.91% recorded in April 2018.

Also READ: Here's what every importer and FX dealer should know about the CBN's Naira-Yuan swap

CBN MPC decision on lending rates

Last month, Nigeria's central bank policy-setting committee retained all key lending rates at its 261st meeting, the second meeting in 2018, on the consideration to get more clarity on the economic activities.

The MPC retained interest rate at 14%, Cash Reserves Ratio at 22.5%, Liquidity Ratio which was left at 30%; and the Asymmetric Window which was left at +200 and -500 basis points around the MPR.

The monetary authority has been holding the key rates since July 2016, after increasing it to support the troubled Naira and curb inflation at as that time.

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