The National Bureau of Statistics (NBS) says Nigeria’s inflation rate increased to 17.71 percent on a year-on-year basis in May.
This is according to NBS Consumer Price Index(CPI) and Inflation Report May 2022 released in Abuja on Wednesday.
The CPI measures the average change over time in the prices of goods and services consumed by people for day-to-day living, that is the inflation rate.
The report says the figure ” 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 May 2022 when compared to the same month in the previous year.
“Increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index.”
The report said on a month-on-month basis, the headline inflation rate increased to 1.78 percent in May 2022, this is also 0.02 percent higher than the rate recorded in April 2022 at 1.76 percent.
“The percentage change in the average composite CPI for the 12 months period ending May 2022 over the average of the CPI for the previous 12 months period is 16.45 percent.”
“This shows a 0.95 percent increase compared to the 15.50 percent recorded in May 2021.
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The report revealed that the urban inflation rate increased to 18.24 percent on a year-on-year basis in May 2022.
According to the report, this is a 0.27 percent decline, compared to 18.51 percent recorded in May 2021.
It said on a month-on-month basis, the urban inflation rate rose to 1.81 percent in May 2022, representing a 0.03 percent increase compared to April 2022 at 1.78 percent.
The report said the corresponding 12-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 report showed that the rural inflation rate increased to 17.21 percent in May 2022 on a year-on-year basis.
According to the report, this is a 0.15 percent decline, compared to 17.36 percent recorded in May 2021.
The report said 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 at 1.74 percent.
“The corresponding 12-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.”
