The National Bureau of Statistics in a report published on Thursday revealed that Nigeria’s annual inflation fell to 16.25% in May against 17.24% in April.

The statistics office in a separate food price index disclosed that inflation was at 19.27% compared to the 19.30% in April.

“The rise in the (food) index was caused by increases in prices of meat, bread and cereals, fish, potatoes, milk cheese and eggs as well as vegetables such as tomatoes,” it said.

Africa's second largest economy, is currently in its second year of recession. The country at present is dealing with a currency crisis and dollar shortages brought on by low oil prices.

The International Monetary Fund (IMF) has predicted that Nigeria’s economy will expand by 0.8% this year against the 1.6% contraction in 2016 as the production of oil, which is the country’s biggest export and government spending, increase. The West African nation this year will boost its expenses by 21% to $23 billion as stipulated in the budget recently signed by the Acting President, Yemi Osinbajo.

Anita Fatunji