Recession receding as inflation rate drops from 17.24% to 16.25%
Stronger indications of readiness to exit recession emerged on Thursday as the National Bureau of Statistics (NBS) released the Consumer Price Index (CPI) which measures inflation showing sustained dropping trend from 17.24 per cent in April to 16.25 per cent year-on-year.
The report stated on a month-on-month basis, the headline index rose by 1.88 per cent in May representing a 0.28 per cent points higher than the rate of 1.60 per cent recorded in April.
Parts of the report noted that “The Consumer Price Index which measures inflation increased by 16.25 per cent (year-on-year) in May 2017 compared to 17.24 per cent in April.
“On a month-on-month basis, the Headline index increased by 1.88 percent in May 2017, 0.28 percent points higher than the rate of 1.60 percent recorded in April 2017
“Food Inflation increased by 19.27 per cent (year-on-year) in May 2017, down by 0.03 per cent points from the rate recorded in April of 19.30 per cent.”
