Inflation rate in Nigeria hits 17.71%, highest in last eleven months

According to data released by National bureau of Statistics and contained in the Consumer Price Index report for May 2022, Nigeria’s headline inflation rate rose to 17.71% in May 2022, rising by 1.78% from the 16.82% recorded in April 2022.

Food inflation rose to 19.5% from 18.37% recorded in the previous month, while core inflation hit 14.9% in the review month.

According to the CPI report by the NBS, “The percentage change in the average composite CPI for the twelve months period ending May 2022 over the average of the CPI for the previous twelve months period is 16.45 percent, showing a 0.95 percent increase compare to the 15.50 percent recorded in May 2021,”.

“The urban inflation rate increased to 18.24 percent (year-on-year); this is a 0.27 percent decline compared to 18.51 percent recorded in May 2021. On a month-on-month basis, the urban inflation rate rose to 1.81 percent in May 2022, this is a 0.03 percent increase compared to April 2022 (1.78).

“The corresponding twelve-month average percentage change for the urban index is 17.00 percent in May 2022. This is 0.91 percent higher compared to 16.09 percent reported in May 2021. The rural inflation rate increased to 17.21 percent in May 2022 (year-on-year) basis; this is a 0.15 percent decline compared to 17.36 recorded in May 2021.”

The NBS further sated that th the rural index rose to 1.76 percent in May 2022 on a month by month basis, up by 0.02 percent from the rate recorded in April 2022 (1.74%), while the corresponding twelve-month average percentage change for the rural inflation rate in May 2022 is 15.91 percent.

It blamed the rise in the food index on increases in prices of Bread and cereals, Food products, Potatoes, yam, and other tubers, Wine, Fish, Meat, and Oils.