Nigeria’s inflation shoots up to 17.71% in May

Nigeria’s inflation for the month of May 2022, has shot up to 17.71 percent, the National Bureau of Statistics reports on Wednesday.

This is 0.89 percent higher than that of April which stood at 16.82 percent.

On a year-on-year basis, this is 0.22 percent points lower compared to the rate recorded in May 2021, which is (17.93) percent.

This means that the headline inflation rate slowed down in the month of May when compared to the same month in the previous year (i.e. the year 2021).

The NBS said Increases were recorded in all COICOP divisions that yielded the Headline index.

It said on a month-on-month basis, the Headline inflation rate increased to 1.78 percent in May 2022, which is also 0.02 percent rate higher than the rate recorded in April 2022 (1.76) percent.

“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.

“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), while the corresponding twelve-month average percentage change for the rural inflation rate in May 2022 is 15.91 percent. This is 0.97 percent higher compared to 14.94 percent recorded in May 2021,” the report said.