Nigeria’s inflation rate has again surged to 17.71 percent, according to the latest figures by the National Bureau of Statistics. In May 2022, the inflation rate increased to 17.71 percent 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 0.22 percent points lower than the rate recorded in May 2021, which is (17.93) percent.
The report read in part, “This means that the headline inflation rate slowed down in the month of May when compared to the same month in the previous year (i.e. the year 2021). 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 percent in May 2022, this is also 0.02 percent rate higher than the rate recorded in April 2022 (1.76) percent.
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 12-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 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 12-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.
Speaking in an exclusive interview an economic expert at the Pan-Atlantic University, Associate Professor Olalekan Aworinde, said the events of the last few months were apt indicators that the inflation rate would increase further.