Inflation Increases To 17.71%, Now 11 Month High

The National Bureau of Statistics (NBS) yesterday said from the 16.82 per cent in April, this year, inflation rose to 17.71 per cent last month, hitting 11 months high.

According to its document entitled: “Consumer Price Index (CPI and Inflation Report May 2022,” the figure is 0.22 per cent point down compared to the 17.93 per cent recorded in the corresponding period last year.

The NBS report said: “In May 2022, the inflation rate increased to 17.71 per cent on a year-on-year. This 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 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 Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index.

The NBS said on monthly, the headline inflation rate increased to 1.78 per cent in May, this year, this is also 0.02 per cent higher than the rate recorded in April, this year (1.76) per cent.

It added that 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 12 months period is 16.45 percent, showing a 0.95 percent increase compared to the 15.50 per cent recorded in May, last year.

The urban inflation rate, said NBS, increased to 18.24 per cent (year-on-year); this is a 0.27 per cent decline compared to 18.51 per cent recorded in May, last year.

Monthly, according to the report, the urban inflation rate rose to 1.81 per cent in May 2022, this is a 0.03 per cent 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 per cent in May 2022. NBS said this is 0.91 per cent higher compared to 16.09 per cent reported in May, last year.

According to the report, the rural inflation rate increased to 17.21 per cent in May 2022; this is a 0.15 per cent decline compared to 17.36 recorded in May, last year.

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 Items inflation for the states in May 2022 yearly was highest in Bauchi (20.62per cent), Akwa Ibom (20.34per cent), and Rivers (19.95per cent), while Kwara (15.45per cent), Kaduna (15.69per cent) and Jigawa (16.15per cent) recorded the slowest rise in the headline inflation. On a month-on-month,

May 2022, recorded the highest increases in Bauchi (3.17per cent), Bayelsa (2.73per cent), and Kogi (2.71per cent), while Yobe (0.22 per cent), Jigawa (0.95per cent) and Benue (1.07per cent) recorded the slowest rise on month-on-month inflation.

The report said: “Food sub-index Inflation for the states in May 2022, on a year-on-year basis was highest in Kogi (22.79per cent), Akwa Ibom (22.47per cent) and Kwara (22.21per cent), while Kaduna (16.46per cent), Anambra (16.54per cent) and Jigawa (16.91per cent) 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 per cent), Abia (3.31per cent), and Ogun (3.23per cent), while Yobe (0.01per cent), Osun (0.76 per cent), and Jigawa (0.81per cent) recorded the slowest rise in food inflation.”