ACCORDING to the National Bureau of Statistics (NBS), Nigeria’s annual inflation rate rose to 17.71% in May.
The NBS Consumer Price Index (CPI) and Inflation Report for May 2022, which was released yesterday in Abuja, supports this. The CPI calculates the inflation rate by averaging the changes in prices of products and services that people use on a daily basis.
The report says the figure” is 0.22 per cent points lower, compared to the rate recorded in May 2021, which is 17.93 per cent”.
“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 per cent in May 2022, this is also 0.02 per cent higher than the rate recorded in April 2022 at 1.76 per cent.
“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 per cent.”
“This shows a 0.95 per cent increase compared to the 15.50 per cent recorded in May 2021. NBS report revealed also that the urban inflation rate increased to 18.24 per cent on a year-on-year basis in May 2022.
When compared to the 18.51 percent observed in May 2021, this represents a 0.27 percent reduction. According to the report, the urban inflation rate increased by 0.03 percentage points from April 2022’s 1.78 percentage point to 1.81 percentage point in May 2022.
According to the estimate, the urban index will have changed by an average of 17% over the previous 12 months in May 2022.
“This is 0.91 per cent higher, compared to 16.09 per cent reported in May 2021.” The report showed that the rural inflation rate increased to 17.21 per cent in May 2022 on a year-on-year basis.
In comparison to the 17.36% reported in May 2021, the report states that this is a 0.15 percent reduction. According to the data, the rural index increased monthly from April 2022’s 1.74 percent to 1.76 percent in May 2022, an increase of 0.02 percent.
“The corresponding 12-month average percentage change for the rural inflation rate in May 2022 is 15.91 per cent.” This is 0.97 per cent higher, compared to 14.94 per cent recorded in May 2021.”
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