Inflation rate hits 11-month high at 17.71% in May
Inflation rose to its highest level in 11 months, rising from 16.82per cent recorded in April 2022 to 17.71per cent.
This is according to the recently released Consumer Price Index report by the National Bureau of Statistics (NBS).
The consumer price index, which measures the rate of inflation rose by 17.71 per cent year-on-year in May 2022, which is 0.89 per cent points higher than the 16.82 per cent recorded in the previous month (April 2022).
On a month-on-month basis, the headline index increased by 1.78 per cent in May 2022, compared to the 1.76% increase recorded in the previous month.
Similarly, 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 the other hand, the rural inflation rate increased to 17.21 per cent in May 2022 (year-on-year) basis; this is a 0.15 per cent decline compared to 17.36 per cent recorded in the corresponding month of 2021.
The closely watched index rose by 19.5 per cent year-on-year in May 2022, representing a 1.13 per cent points uptick compared to 18.37 per cent recorded in the previous month and 2.78 per cent decline compared to the corresponding period of 2021 (22.28 per cent).
This rise in the food index was caused by increases in prices of bread and cereals, food products, potatoes, yam, and other tubers, wine, fish, meat, and oils.
On a month-on-month basis, the food sub-index increased to 2.01 per cent in May 2022, up by 0.01% points from 2.0per cent recorded in April 2022.
Also, the average annual rate of change of the food sub-index for the twelve-month period ending May 2022 over the previous twelve-month average is 18.68per cent, 0.05% points decline from the average annual rate of change recorded in May 2021 (19.18per cent).
The “All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 14.9per cent in May 2022 on a year-on-year basis, up by 0.72per cent points compared to 14.18per cent recorded in April 2022 and 1.75 per cent points higher than the 13.15per cent recorded in May 2021.
In the month under review, the highest increases were recorded in prices of gas, liquid fuel, garment, solid fuel, cleaning, repair and hire of clothing and passenger transport by road.
The average 12-month annual rate of change of the index was 13.83 per cent for the twelve-month period ending May 2022; this is 2.33 per cent points higher than 11.5 per cent recorded in May 2021.
