Economy

Just In: Inflation rate declines to 17.93% in May

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Inflation rate has declined for the second time running in 20 months – The consumer price index which measures inflation dropped for the second consecutive and it now stands at 17.93 per cent (year-on-year) in May 2021.

The National Bureau of Statistics disclosed this in its Consumer Price Inflation report for May on Tuesday. It stated that the latest figure drops by 0.19 per cent.

This is the second decline in the inflation figures in the past 20 months. The inflation rate had peaked at 18.17 percent in March.

Also, the food inflation also reduced to 22.28% pe rcent on a year-on-year basis from 22.78 per cent in April. While Core Inflation, which excludes the prices of volatile agricultural produce stood at 13.15% in May 2021, up by 0.41% when compared with 12.74% recorded in April 2021.

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