Nigeria’s Inflation Rate Increases at 17.71% In May 2022

The price of goods and services in Africa’s largest economy grew at a faster pace in the month of May, according to the latest report from the National Bureau of Statistics (NBS).

Consumer Price Index (CPI), which measures the inflation rate, increased by 17.71% year-on-year in May, an increase of 0.89% from 16.82% recorded in April 2022 and a decrease of 0.22% from 17.93% filed in May 2021. The headline inflation is now at the highest level in 11 months.

On a monthly basis, the inflation rate grew at a 1.78% rate in May 2022, representing a 0.02% increase from the 1.76% in April 2022.

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.

As expected, the composite food index rose at a faster pace of 19.50% in May 2022, higher than 18.37% in the month of April 2022 and 2.78% lower than the 22.28% in May 2021.

The bureau attributed the increase in food index to rising prices of Bread and cereals, Food products n.e.c, Potatoes, yam, and other tubers, Wine, Fish, Meat, and Oils.

On a monthly basis, the food sub-index rose to 2.01% in May 2022, up by 0.01% from 2.00 percent recorded in April 2022.

For the twelve months ending May 2022, the Food sub-index average 18.68 percent, a 0.05% decline from the 19.18% recorded in May 2021.