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Inflation Surges Again, Hits 17.71% Amid Rising Prices 

Inflation Surges Again, Hits 17.71% Amid Rising Prices 

Nigeria’s inflation price has once more surged to 17.71 per cent, in accordance with newest figures by the National Bureau of Statistics.

In May 2022, the inflation price elevated to 17.71 per cent on a year-on-year foundation, the NBS mentioned on Wednesday.

It acknowledged in its ‘CPI and Inflation Report May 2022’ that the most recent determine is a 0.22 per cent factors decrease than the speed recorded in May 2021, which is (17.93) per cent.

The report learn partly, “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 foundation, the headline inflation price elevated to 1.78 per cent in May 2022, that is additionally 0.02 per cent price larger than the speed recorded in April 2022 (1.76) per cent.

The city inflation price elevated to 18.24 per cent (year-on-year); this can be a 0.27 per cent decline in comparison with 18.51 per cent recorded in May 2021.

On a month-on-month foundation, the city inflation price rose to 1.81 per cent in May 2022, this can be a 0.03 per cent improve in comparison with April 2022 (1.78).

The corresponding 12-month common share change for the city index is 17.00 per cent in May 2022. This is 0.91 per cent larger in comparison with 16.09 per cent reported in May 2021.

The rural inflation price elevated to 17.21 per cent in May 2022 (year-on-year) foundation; this can be a 0.15 per cent decline in comparison with 17.36 recorded in May 2021.

On a month-on-month foundation, the agricultural index rose to 1.76 per cent in May 2022, up by 0.02 per cent from the speed recorded in April 2022 (1.74), whereas the corresponding 12-month common share change for the agricultural inflation price in May 2022 is 15.91 per cent.

This is 0.97 per cent larger in comparison with 14.94 per cent recorded in May 2021.

Speaking in an unique interview with The PUNCH, an financial knowledgeable on the Pan-Atlantic University, Associate-Professor Olalekan Aworinde, mentioned the occasions of the previous couple of months had been apt indicators that the inflation price would improve additional.

Source:- Punch Ng

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