Inflation Decline To 11.61% In May, Consumer Price Index Shows
The Consumer Price Index which measures changes in the price level of consumer goods and services purchased released on Wednesday by the National Bureau of Statistics has revealed that inflation rate dropped from 12.48 per cent in April to 11.61 per cent in May.
The CPI showed that the rate recorded is 0.87 percent points less than the rate recorded in April 2019. The bureau, in the report, said this was the 16th consecutive month that the inflation rate would be experiencing a continuous decline.
The report reads in part“The Consumer Price Index (CPI) which measures inflation increased by 11.61% (year-on-year) in May 2019. This is 0.87% points less than the rate recorded in April 2019 13.34% and represents the sixteenth consecutive disinflation since January 2017,” the report read.
“On a month-on-month basis, the headline index increased by 1.09% in May 2019, up by 0.26% points from the rate recorded in April 2019.”