Nigeria’s inflation rate hits 17.7%, highest in 11 months

Nigeria’s inflation rate climbed to 17.7 percent in May 2022, the highest in 11 months.

The inflation rate accelerated in May for the fourth consecutive month, BusinessDay analysis shows.

According to data from the new Consumer Price Index report for May 2022 by the National Bureau of Statistics (NBS) on a month-on-month basis, the headline inflation rate increased to 1.78 percent in May 2022, this is also 0.02 percent rate higher than the rate recorded in April 2022 (1.76) percent.

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“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 report stated.

Food inflation, which comprises more than 50 percent of the inflation rate, also rose to 19.50 percent, highest in eight months compared to 18.37 percent in the previous month.

“On a month-on-month basis, the food sub-index increased to 2.01percent in May 2022, up by 0.01 percent from 2.00 percent recorded in April 2022.”

This rise in the food index was caused by increases in prices of Bread and cereals, Food products, Potatoes, yam, and other tubers, Wine, Fish, Meat, and Oils.

The urban inflation rate increased to 18.24 percent (year-on-year); which 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 rural inflation rate increased to 17.21 percent in May 2022 (year-on-year) basis; which is a 0.15 percent decline compared to 17.36 recorded in May 2021. On a month-on-month basis, the rural index rose to 1.76 percent in May 2022, up by 0.02 percent from the rate recorded in April 2022 (1.74).

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