Nigeria Inflation Rises To 17.71%, 11-month High
Inflation quickened for the fourth month to 17.71 per cent in May 2022, up from the 16.82 per cent recorded in April, and above the market expectation of 17.4 per cent.
On a year-on-year basis, however, it slowed by 0.22 per cent lower compared to the 17.93 per cent rate of May 2021.
May inflation was the steepest inflation rate since last June, driven by the rising prices of food which stands at 19.5 per cent and non-food products which currently hovers between 14.9 and 14.18 per cent.
Nigeria is currently grappling with a food crisis occasioned by insecurity and it is worsened by the country’s dependence on imports especially grains which is beyond its reach owing to the Russia-Ukraine crisis.
The National Bureau of Statistics (NBS) in its latest report on inflation noted that Year-on-year, the urban inflation rate increased by 18.24 per cent, representing a 0.27 per cent decrease from the 18.51 per cent recorded in May 2021. Monthly, the urban inflation rate increased to 1.81 per cent in May 2022, a 0.03 per cent increase from April 2022. (1.78).
In May 2022, the corresponding twelve-month average percentage change for the urban index is 17.00 per cent. This is 0.91 percentage points higher than the 16.09 per cent reported in May 2021.
The rural inflation rate increased to 17.21 per cent in May 2022 (year on year), a 0.15 per cent decrease from 17.36 per cent in May 2021. The rural index rose 0.02 per cent month on month to 1.76 per cent in May 2022, up from 1.74 per cent in April 2022, while the corresponding twelve-month average percentage change for the rural inflation rate in May 2022 is 15.91 per cent. This is 0.97 percentage points higher than the 14.94 per cent recorded in May 2021.
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