Nigeria’s inflation rate hits 17.71% in May

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The Consumer Price Index (CPI), which measures inflation slowed to 17.71 per cent in May 2022, representing 0.22 percentage points decline compared to 17.93 per cent in May 2021, the National Bureau of Statistics (NBS) said Wednesday.

“This means that the headline inflation rate slowed down in the month of May when compared to the same month in the previous year,” the statistical agency noted.

Month-on-month, however, the headline index increased to 1.78 per cent in May, representing 0.02 per cent increase from the 1.76 per cent recorded in April.

The percentage change in the average composite CPI for the 12-month period ending May 2022 over the average of the CPI for the previous 12- month period was 16.45 per cent, showing a 0.95 per cent increase compare to the 15.50 per cent recorded in May 2021.

According to the CPI Report for May, obtained from the NBS website, the composite food index rose to 19.50 per cent in May 2022 on a year-on-year basis, declining by 2.78 per cent compared to 22.28 per cent in May 2021.

This rise in the food index was caused by increases in prices of bread and cereals, food products n.e.c, potatoes, yam, fish, meat, and oils. On a month-on-month basis, the food sub-index increased to 2.01per cent in May, up by 0.01 percentage points from 2.00 per cent recorded in April.

The average annual rate of change of the Food sub-index for the 12-month period ending May 2022 over the previous 12-month average is 18.68 per cent or 0.05 percentage points decline from the average annual rate of 19.18 per cent change recorded in May 2021.

On the other hand, the “All Items Less Farm Produce’’ or Core inflation, which excludes the prices of volatile agricultural produce rose to 14.90 per cent in May 2022 on a year-on-year basis, up by 1.75 per cent when compared to 13.15 per cent recorded in May 2021.

Month-on-month, the core sub-index increased to 1.87 per cent in May 2022, up by 0.65 per cent when compared to 1.22 per cent recorded in April.

According to the statistical agency, 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.