Nigeria’s inflation rate rose to its highest level in 11 months, from 16.82% recorded in April 2022 to 17.71% in the month of May.
According to the report, released by the National Bureau of Statistics, NBS, the Consumer Price Index, which measures the rate of inflation rose by 17.71% year-on-year in May 2022, which is 0.89% points higher than the 16.82% recorded in April 2022.
On a month-on-month basis, the headline index increased by 1.78% in May 2022, compared to the 1.76% increase recorded in the previous month. The urban inflation rate increased to 18.24% year-on-year with 0.27% decline compared to 18.51% recorded in May 2021.
On the other hand, the rural inflation rate increased to 17.21% in May 2022 year-on-year basis; this is 0.15% decline compared to 17.36% recorded in the corresponding month of 2021.
(Editor: Terverr Tyav)
