Nigerian Inflation Dropped in May Despite Rising Food Prices

By Obafemi Oredein

Special to Dow Jones Newswires

IBADAN, Nigeria--Annual inflation in Nigeria dropped to 17.93% in May from 18.12% in April, the National Bureau of Statistics said in its latest report.

The inflation rate has now dropped two months in a row, after standing at 18.72% in March.

Inflation in Africa's largest crude oil exporter has been in double digits for months as the coronavirus pandemic, insecurity and the closure of land borders to curb smuggling have disrupted sectors such as farming, industrial production and transportation.

The NBS said in spite of the drop in inflation in May, the food index was up 22.28% in the month compared to 22.72% in April, caused by increases in the prices of bread, cereals, mil, cheese, eggs, fish, soft drinks, coffee, tea and cocoa, fruits, meat, oils and fats and vegetables.

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06-16-21 0415ET