Nigeria’s inflation has hit 11-month high.
According to the National Bureau of Statistics (NBS), inflation rose from the 16.82% in April 2022 to 17.71% in May 2022.
This was contained in its document titled: “Consumer Price Index (CPI and Inflation Report May 2022,” the figure is 0.22% point down compared to the 17.93% recorded in the corresponding period of 2021.
The NBS report said: “In May 2022, the inflation rate increased to 17.71 percent on a year-on-year basis. This is 0.22 percent points lower compared to the rate recorded in May 2021, which is (17.93) percent.
“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).”
It also noted that increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index.
The NBS said 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.
It added the percentage change in the average composite CPI for the twelve months period ending May 2022 over the average of the CPI for the previous twelve months period is 16.45 percent, showing a 0.95 percent increase compare to the 15.50 percent recorded in May 2021.
The urban inflation rate, said NBS, 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, according to the report, 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).
It also noted that the corresponding twelve-month average percentage change for the urban index is 17.00 percent in May 2022. NBS said this is 0.91 percent higher compared to 16.09 percent reported in May 2021.
According to the report, 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.
Continuing, the NBS said “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.”
The Bureau said all Items Inflation for the states in May 2022 on a year-on-year basis was highest in Bauchi (20.62%), Akwa Ibom (20.34%), and Rivers (19.95%), while Kwara (15.45%), Kaduna (15.69%) and Jigawa (16.15%) recorded the slowest rise in the headline inflation. On a month-on-month,
May 2022, recorded the highest increases in Bauchi (3.17%), Bayelsa (2.73%), and Kogi (2.71%), while Yobe (0.22%), Jigawa (0.95%) and Benue (1.07%) recorded the slowest rise on month-on-month inflation.
The report said “Foodsub-index Inflation for the states in May 2022, on a year-on-year basis was highest in Kogi (22.79%), Akwa Ibom (22.47%), and Kwara (22.21%), while Kaduna (16.46%), Anambra (16.54%) and Jigawa(16.91%) recorded the slowest rise in food inflation.
“On a month-on-month basis, however, in May 2022 food inflation was highest in Rivers (3.65%), Abia (3.31%), and Ogun (3.23%), while Yobe (0.01%), Osun (0.76%), and Jigawa (0.81%) recorded the slowest rise in food inflation.”