Nigeria’s inflation has hit 11-month excessive.
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 doc titled: “Consumer Price Index (CPI and Inflation Report May 2022,” the determine is 0.22% level down in comparison with the 17.93% recorded within the corresponding interval of 2021.
The NBS report stated: “In May 2022, the inflation price elevated to 17.71 % on a year-on-year foundation. This is 0.22 % factors decrease in comparison with the speed recorded in May 2021, which is (17.93) %.
“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 additionally famous that will increase had been recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index.
The NBS stated on a month-on-month foundation, the headline inflation price elevated to 1.78 % in May 2022, that is additionally 0.02 % price larger than the speed recorded in April 2022 (1.76) %.
It added the proportion change within the common composite CPI for the twelve months interval ending May 2022 over the common of the CPI for the earlier twelve months interval is 16.45 %, exhibiting a 0.95 % improve evaluate to the 15.50 % recorded in May 2021.
The city inflation price, stated NBS, elevated to 18.24 % (year-on-year); it is a 0.27 % decline in comparison with 18.51 % recorded in May 2021.
On a month-on-month foundation, in line with the report, the city inflation price rose to 1.81 % in May 2022, it is a 0.03 % improve in comparison with April 2022 (1.78).
It additionally famous that the corresponding twelve-month common proportion change for the city index is 17.00 % in May 2022. NBS stated that is 0.91 % larger in comparison with 16.09 % reported in May 2021.
According to the report, the agricultural inflation price elevated to 17.21 % in May 2022 (year-on-year) foundation; it is a 0.15 % decline in comparison with 17.36 recorded in May 2021.
Continuing, the NBS stated “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 stated all Items Inflation for the states in May 2022 on a year-on-year foundation was highest in Bauchi (20.62%), Akwa Ibom (20.34%), and Rivers (19.95%), whereas Kwara (15.45%), Kaduna (15.69%) and Jigawa (16.15%) recorded the slowest rise within the headline inflation. On a month-on-month,
May 2022, recorded the best will increase in Bauchi (3.17%), Bayelsa (2.73%), and Kogi (2.71%), whereas Yobe (0.22%), Jigawa (0.95%) and Benue (1.07%) recorded the slowest rise on month-on-month inflation.
The report stated “Foodsub-index Inflation for the states in May 2022, on a year-on-year foundation was highest in Kogi (22.79%), Akwa Ibom (22.47%), and Kwara (22.21%), whereas Kaduna (16.46%), Anambra (16.54%) and Jigawa(16.91%) recorded the slowest rise in meals 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.”
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