Nigeria’s Inflation Rate Hits 17.71%

The National Bureau of Statistics (NBS) has said that Nigeria’s inflation rate hit 17.71per cent in May, 2022.
The NBS made this known in its Consumer Price Index (CPI) report for the month of May which was released, last Wednesday.
Food inflation rose to 19.5percent from 18.37percent recorded in the previous month, while core inflation hit 14.9percent in the review month.
According to NBS, food index rose to 19.50percent in May, 2022 on a year-on-year basis; it declined by 2.78per cent compared to 22.28percent in May, 2021.
The bureau attributed rise in the food index to increases in prices of bread and cereals, potatoes, yam, and other tubers, wine, fish, meat, and oils.
“On a month-on-month basis, the food sub-index increased to 2.01percent in May, 2022, up by 0.01per cent points from 2.00percent recorded in April, 2022.
“The average annual rate of change of the food sub-index for the twelve-month period ending May, 2022 over the previous twelve-month average is 18.68percent, 0.05per cent points decline from the average annual rate of change recorded in May, 2021 (19.18)percent,” NBS explained.
Similarly urban inflation rate increased to 18.24per cent (year-on-year); this is a 0.27percent decline compared to 18.51per cent recorded in May, 2021.
On a month-on-month basis, the urban inflation rate rose to 1.81per cent in May, 2022, this is a 0.03per cent increase compared to April, 2022 (1.78).
The corresponding 12-month average percentage change for the urban index is 17.00per cent in May 2022.
This is 0.91per cent higher compared to 16.09percent reported in May, 2021.
The rural inflation rate increased to 17.21per cent in May, 2022 (year-on-year) basis; this is a 0.15per cent decline compared to 17.36 recorded in May, 2021.
On a month-on-month basis, the rural index rose to 1.76per cent in May, 2022, up by 0.02per cent from the rate recorded in April, 2022 (1.74), while the corresponding 12-month average percentage change for the rural inflation rate in May, 2022 is 15.91percent.
This is 0.97per cent higher compared to 14.94per cent recorded in May, 2021.
The “all items less farm produce” or core inflation, which excludes the prices of volatile agricultural produce stood at 14.90per cent in May, 2022 on a year-on-year basis, up by 1.75percent when compared to 13.15percent recorded in May, 2021.
On a month-on-month basis, the core sub-index increased to 1.87per cent in May, 2022.
This is up by 0.65per cent when compared to 1.22percent recorded in April, 2022.
The highest increases were recorded in prices of gas, liquid fuel, garment, solid fuel, cleaning, repair and hire of clothing and passenger transport by road.