NBS: Nigeria’s inflation rises, hits 17%

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Nigeria’s inflation rate has hit 17.71 per cent, according to latest figures by the National Bureau of Statistics.

In May 2022, the inflation rate increased to 17.71 per cent on a year-on-year basis, the NBS said on Wednesday.

It stated in its ‘CPI and Inflation Report May 2022’ that the latest figure is a 0.22 per cent points lower than the rate recorded in May 2021, which is (17.93) per cent.

The report read in part, “This means that the headline inflation rate slowed down in the month of May when compared to the same month in the previous year (i.e. the year 2021). Increases were recorded in all classification of individual consumption by purpose divisions that yielded the headline index.”

On a month-on-month basis, the headline inflation rate increased to 1.78 per cent in May 2022, this is also 0.02 per cent rate higher than the rate recorded in April 2022 (1.76) per cent.

The urban inflation rate increased to 18.24 per cent (year-on-year); this is a 0.27 per cent decline compared to 18.51 per cent recorded in May 2021.

On a month-on-month basis, the urban inflation rate rose to 1.81 per cent in May 2022, this is a 0.03 per cent increase compared to April 2022 (1.78).

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