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HomeBusinessNigeria's inflation surges to 17.7% in May vs 16.8% in Apr ~NBS

Nigeria’s inflation surges to 17.7% in May vs 16.8% in Apr ~NBS

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Nigeria’s consumer inflation rate increased to 17.71 per cent in May 2022 compared with 16.82 per cent in the previous month, the National Bureau of Statistics (NBS) said in its latest report on Wednesday.

The latest figure showed that on a year-on-year basis, the inflation rate for May 2022 was 0.22 points lower than the 17.93 per cent recorded in May 2021.

With the development, it means that the headline inflation rate slowed down in May 2022 compared to the same month in the previous year.

However, on a month-on-month basis the inflation rate rose 0.89 per cent in May compared with the previous rate figure.

The NBS report stated that 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).

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“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 per cent), while the corresponding twelve-month average percentage change for the rural inflation rate in May 2022 is 15.91 per cent.

The figure is 0.97 per cent higher compared to 14.94 per cent recorded in May 2021.

The report said the composite food index rose to 19.50 per cent in May 2022 on a year-on-year basis but declined by 2.78 per cent compared to 22.28 per cent in May 2021.

It added that the hike in the price of bread and cereals, yam, fish, meat, oil and other food products contributed to the rise in the food index.

“On a month-on-month basis, the food sub-index increased to 2.01percent in May 2022, up by 0.01 per cent points from 2.00 per cent recorded in April 2022,” it added.

“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 18.68 per cent, 0.05 per cent points decline from the average annual rate of change recorded in May 2021 (19.18) per cent.”

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