Inflation shoots up MoM in May, an 11th month high
By Jeph Ajobaju, Chief Copy Editor
Inflation rose from 16.82 per cent in April to 17.71 per cent in May, up 11 straight months, but 0.22 points down on 17.93 per cent in April 2021, as gleaned from the “Consumer Price Index (CPI) and Inflation Report May 2022” just released by the National Bureau of Statistics (NBS).
“In May 2022, the inflation rate increased to 17.71 per cent on a year-on-year basis. This is 0.22 percent points lower compared to the rate recorded in May 2021, which is (17.93) percent.
“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),” the NBS said.
Increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index.
Headline inflation rate increased to 1.78 per cent month-on-month (MoM) in May, 0.02 points higher than 1.76 per cent in April.
The percentage change in the average composite CPI for the 12 months ended May 2022 over the average for the previous 12 months is 16.45 per cent, 0.95 points above 15.50 per cent in May 2021.
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Urban, rural inflation
Urban inflation rate hit 18.24 per cent year-on-year (YoY), a decline of 0.27 points versus 18.51 per cent in May 2021.
Urban inflation rose to 1.81 per cent MoM in May 2022, a 0.03 per cent increase against 1.78 per cent in April, according to the NBS, per reporting by The Nation.
The corresponding 12-month average percentage change for the urban index was 17.00 per cent in May 2022, which is 0.91 points above 16.09 per cent in May 2021.
Rural inflation rose to 17.21 per cent in May 2022 but it was a 0.15 points decline on 17.36 per cent in May 2021.
“On a month-on-month basis, the rural index rose to 1.76 per cent in May 2022, up by 0.02 per cent from the rate recorded in April 2022 (1.74), while the corresponding twelve-month average percentage change for the rural inflation rate in May 2022 is 15.91 percent.
“This is 0.97 per cent higher compared to 14.94 per cent recorded in May 2021.”
States with highest YoY rises in All Items Inflation
- Bauchi (20.62%)
- Akwa Ibom (20.34%)
- Rivers (19.95%)
Lowest rises YoY
- Kwara (15.45%)
- Kaduna (15.69%)
- Jigawa (16.15%)
Highest rises MoM
- Bauchi (3.17%)
- Bayelsa (2.73%)
- Kogi (2.71%)
Lowest rises MoM
- Yobe (0.22%)
- Jigawa (0.95%)
- Benue (1.07%)
“Food sub-index Inflation for the states in May 2022, on a year-on-year basis was highest in Kogi (22.79%), Akwa Ibom (22.47%), and Kwara (22.21%), while Kaduna (16.46%), Anambra (16.54%) and Jigawa (16.91%) recorded the slowest rise in food inflation,” the NBS said.
“On a month-on-month basis, however, in May 2022 food inflation was highest in Rivers (3.65%), Abia (3.31%), and Ogun (3.23%), while Yobe (0.01%), Osun (0.76%), and Jigawa (0.81%) recorded the slowest rise in food inflation.”
