The National Bureau of Statistics (NBS) has announced that Nigeria’s Consumer Price Index (CPI), which measures inflation increased to 17.71 percent in May 2022.
The NBS said on Wednesday in Abuja that the figure was 0.22 percent points lower compared to the rate recorded in May 2021, which is (17.93) percent.
It noted that on a month-on-month basis, the Headline inflation rate increased to 1.78 percent in May 2022, representing 0.02 percent rate higher than the rate recorded in April 2022 (1.76) percent.
According to the NBS, increases were recorded in all COICOP divisions that yielded the Headline index.
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 percent, showing a 0.95 percent increase compared to 15.50 percent recorded in May 2021.
“The urban inflation rate increased to 18.24 percent (year-on-year); this is a 0.27 percent decline compared to 18.51 percent recorded in May 2021. On a month-on-month basis, the urban inflation rate rose to 1.81 percent in May 2022, this is a 0.03 percent increase compared to April 2022 (1.78).
“The corresponding twelve-month average percentage change for the urban index is 17.00 percent in May 2022. This is 0.91 percent higher compared to 16.09 percent reported in May 2021,” the NBS said.
It added that the rural inflation rate increased to 17.21 percent in May 2022 (year-on-year) basis; this is a 0.15 percent decline compared to 17.36 recorded in May 2021. On a month-on-month basis, the rural index rose to 1.76 percent in May 2022, up by 0.02 percent 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 percent higher compared to 14.94 percent recorded in May 2021.
GIK/APA