Nigeria’s inflation rate has again surged to 17.71%, according to latest figures by the National Bureau of Statistics.
In May 2022, the inflation rate increased to 17.71 per cent on a year-on-year basis, the NBS said on Wednesday. It stated in its ‘CPI and Inflation Report May 2022’ that the latest figure is a 0.22% points. Lower than the rate recorded in May 2021, which is (17.93)%.
Increases were recorded in all classification of individual consumption by purpose 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 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 monthly basis, the urban inflation rate rose to 1.81% in May , this is a 0.03$ increase compared to April 2022. The corresponding 12-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.
The rural index rose to 1.76% in May 2022, up by 0.02% from the rate recorded in April 2022 (1.74). While the corresponding 12-month average percentage change for the rural inflation rate in May 2022 is 15.91%. This is 0.97% higher compared to 14.94 per cent recorded in May 2021.
Associate-Professor Olalekan Aworinde, said the events of the last few months were apt indicators that the inflation rate would increase further.