Nigeria’s inflation rate hit 17.71 per cent in May, the highest level in 11 months, the latest report released by the National Bureau of Statistics (NBS) has indicated. 

The report said that the Consumer Price Index (CPI) which measures the inflation rate increased to 17.71 per cent on a year-on-year basis.

“This is 0.22 per cent points lower compared to the rate recorded in May 2021, which is (17.93) per cent,” the NBS report stated. “This means that the headline inflation rate slowed down in the month of May when compared to the same month in the previous year.”

It further said that on a month-on-month basis, the headline index increased to 1.78 per cent in May 2022, representing 0.02 per cent points higher than the 1.76 per cent rate recorded 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 compared to the 15.50 percent recorded in May 2021,” NBS further said.

The report also said that urban inflation rate increased to 18.24 per cent year-on-year in May 2022, showing a decline of 0.27 per cent points from 18.51 per cent recorded in May 2021.

“The rural inflation rate increased to 17.21 percent in May 2022 (year-on-year) basis; this is a 0.15 percent decline compared to 17.36 recorded in May 2021,” it said.

NBS however said that on a month-on-month basis, the urban index rose to 1.81 percent in May 2022.

“This is a 0.03 percent increase compared to April 2022 (1.78).

“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),” it said.