By Okeoghene Akubike
Abuja, June 15, 2022 The National Bureau of Statistics (NBS) says Nigeria’s inflation rate increased to 17.71 per cent on a year-on-year basis in May.
This is according to NBS Consumer Price Index(CPI) and Inflation Report May 2022 released in Abuja on Wednesday.
The CPI measures the average change over time in the prices of goods and services consumed by people for day-to-day living, that is the inflation rate.
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.
The report revealed that the urban inflation rate increased to 18.24 per cent on a year-on-year basis in May 2022.
According to the report, this is a 0.27 per cent decline, compared to 18.51 per cent recorded in May 2021.
It said on a month-on-month basis, the urban inflation rate rose to 1.81 per cent in May 2022, representing a 0.03 per cent increase compared to April 2022 at 1.78 per cent.
The report said 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 report showed that the rural inflation rate increased to 17.21 per cent in May 2022 on a year-on-year basis.
According to the report, this is a 0.15 per cent decline, compared to 17.36 per cent recorded in May 2021.
The report said 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 at 1.74 per cent.
“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.”