June 15, (THEWILL) – Nigeria’s inflation rate rose to its highest level in 11 months, rising from 16.82% recorded in April 2022 to 17.71%.
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
In May 2022, the inflation rate increased to 17.71 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). Increases were recorded in all COICOP divisions that yielded the Headline index.
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.
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.
About the Author
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
