Nigeria’s Inflation rate for the month of May, 2022 is 17.71 percent
A statement by the Director of Communication and Public Relations, National Bureau of Statistics, Icheidi Joel says the latest figure is 0.22 percent lower than 17.93 percent recorded in May last year.
It attributes the decline to improvement on the effect of covid-19 pandemic on prices of goods and services.
However, On a month –on-month basis, inflation rate rose to 1.78 percent in May this year, indicating a 0.02 percent increase compared to the 1.76 percent recorded last month.
Urban Inflation rate recorded a slight decrease to 18.24 percent (year-on-year), a 0.27 percent decrease compared to 18.51 percent recorded in the corresponding month of last year. However on month-on-month basis, urban inflation increased by 0.03 percent from 1.78 percent in April to 1.81 percent in May, 2022.
Similarly, Rural Inflation rate declined from 17.21 percent in the month under review compared to the 17.36 percent recorded in May, 2021.
On a month-on-month basis, the rural inflation rose to1.76 percent in May 2022, up by 0.02percent from the 1.74 percent recorded last month.
The food index on a year-on-year basis decreased to19.50 percent in May. It decreased by 2.78 Percent compared to 22.28 percent in May last year.
On a month-on-month basis, the food-index increased to 2.01percent in May from 2.00percent recorded In April this year.
For the month of May, food inflation was highest in Rivers, Abia and Ogun states, while Yobe, Osun and Jigawa states recorded the lowest rise in food prices.