Nigeria’s inflation rate hits 17.71%

The National Bureau of Statistics (NBS) has said that Nigeria’s inflation rate hit 17.71 per cent in May 2022.

The NBS made this known in its Consumer Price Index (CPI) report for the month of May which was released on Wednesday.

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 NBS, food index rose to 19.50 percent in May 2022 on a year-on-year basis; it declined by 2.78 per cent compared to 22.28 percent in May 2021.

The bureau attributed rise in the food index to increases in prices of bread and cereals, potatoes, yam, and other tubers, wine, fish, meat, and oils.

“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 percent recorded in April 2022.

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

Similarly urban inflation rate increased to 18.24 per cent (year-on-year); this is a 0.27 percent 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 percent 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, 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 percent. This is 0.97 per cent higher compared to 14.94 per cent recorded in May 2021.

The “all items less farm produce” or core inflation, which excludes the prices of volatile agricultural produce stood at 14.90 per cent in May 2022 on a year-on-year basis, up by 1.75 percent when compared to 13.15 percent recorded in May 2021.

On a month-on-month basis, the core sub-index increased to 1.87 per cent in May 2022. This is up by 0.65 per cent when compared to 1.22 percent recorded in April 2022.

The highest increases were recorded in prices of gas, liquid fuel, garment, solid fuel, cleaning, repair and hire of clothing and passenger transport by road.

The Star