Nigeria’s inflation rate surged to 17.71% in May 2022, recording an increase from 16.82% recorded in the previous month.
The 17.71% recorded is the highest in the past 11 months.
This is according to the recently released Consumer Price Index report, released by the National Bureau of Statistics (NBS).
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 NBS report, increases were recorded in all classifications of individual consumption by purpose (COICOP) divisions that yielded the headline index.
“On a month-on-month basis, the headline inflation rate increased to 1.78 per cent in May 2022, this is also 0.02 per cent rate higher than the rate recorded in April 2022 (1.76) per cent,” the report reads.
“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 per cent, showing a 0.95 per cent increase compare to the 15.50 per cent recorded in May 2021.
“The urban inflation rate increased to 18.24 per cent (year-on-year); this is a 0.27 per cent decline compared to 18.51 per cent recorded in May 2021. On a month-on-month basis, the urban inflation rate rose to 1.81 per cent in May 2022, this is a 0.03 per cent increase compared to April 2022 (1.78).
“The corresponding twelve-month average percentage change for the urban index is 17.00 per cent in May 2022. This is 0.91 per cent higher compared to 16.09 per cent reported in May 2021. The rural inflation rate increased to 17.21 per cent in May 2022 (year-on-year) basis; this is a 0.15 per cent decline compared to 17.36 recorded in May 2021.”
On a month-on-month basis, NBS said the rural index rose to 1.76 per cent in May 2022, up by 0.02 per cent 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 per cent.
