• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, July 4, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home News

Nigeria’s inflation rate increases to 17.71% in May 2022- NBS

Inflation

The Matters Press by The Matters Press
June 15, 2022
Reading Time: 2 mins read
0
NBS reports increase in Inflation

The National Bureau of Statistics (NBS) says Nigeria’s inflation rate increased to 17.71 per cent on a year-on-year basis in May.

RELATED POSTS

Nigeria’s approval of dual NCE, B.Ed degrees in 15 colleges of education a good omen

Nasarawa showcases efficient use of fuel subsidy savings, exposes futility of Tinubu’s opposition’s mischief – TDF

Transformational in FCT in line with Tinubu’s Renewed Hope agenda

This is according to NBS Consumer Price Index(CPI) and Inflation Report May 2022 released in Abuja on Wednesday.

The CPI measures the average change over time in the prices of goods and services consumed by people for day-to-day living, that is the inflation rate.

The report says the figure ” is 0.22 per cent points lower, compared to the rate recorded in May 2021, which is 17.93 per cent”.

“This means that the headline inflation rate slowed down in May 2022 when compared to the same month in the previous year.

“Increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index.”

The report said 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 higher than the rate recorded in April 2022 at 1.76 per cent.

“The percentage change in the average composite CPI for the 12 months period ending May 2022 over the average of the CPI for the previous 12 months period is 16.45 per cent.”

“This shows a 0.95 per cent increase compared to the 15.50 per cent recorded in May 2021.

The report revealed that the urban inflation rate increased to 18.24 per cent on a year-on-year basis in May 2022.

According to the report, this is a 0.27 per cent decline, compared to 18.51 per cent recorded in May 2021.

It said on a month-on-month basis, the urban inflation rate rose to 1.81 per cent in May 2022, representing a 0.03 per cent increase compared to April 2022 at 1.78 per cent.

The report said the corresponding 12-month average percentage change for the urban index is 17.00 per cent in May 2022.

“This is 0.91 per cent higher, compared to 16.09 per cent reported in May 2021. ”

The report showed that the rural inflation rate increased to 17.21 per cent in May 2022 on a year-on-year basis.

According to the report, this is a 0.15 per cent decline, compared to 17.36 per cent recorded in May 2021.

The report said 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 at 1.74 per cent.

“The corresponding 12-month average percentage change for the rural inflation rate in May 2022 is 15.91 per cent.”

“This is 0.97 per cent higher, compared to 14.94 per cent recorded in May 2021.”

Tags: Inflation
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Salvaging basic education from ruins of Boko Haram war in Borno
Economy/Technology

Nigeria’s approval of dual NCE, B.Ed degrees in 15 colleges of education a good omen

July 3, 2025
Group hails Presidential Council initiative, welcomes President Tinubu’s N2tn stabilisation package
Economy/Technology

Nasarawa showcases efficient use of fuel subsidy savings, exposes futility of Tinubu’s opposition’s mischief – TDF

July 1, 2025
Property owners besiege FCT office to pay ground rent
Economy/Technology

Transformational in FCT in line with Tinubu’s Renewed Hope agenda

June 30, 2025
China’s agricultural wholesale products prices continue to drop
Agriculture

Ignore Atiku’s claim to dilute historic mechanised farming deal with Belarus

June 29, 2025
$2.5 billion JBS investment, a big economic victory for Nigeria –  TDF
Economy/Technology

Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group

June 27, 2025
ActionAid, SWOFON call for urgent completion of BOA recapitalisation
Agriculture

N1.5trn recapitalisation of Agric bank will herald food security – TMV

June 26, 2025
Next Post
ECOWAS clamours for free movement

Saudi-Arabia seeks support of ECOWAS on World EXPO 2030 bid

PENCOM launches radio programme

PenCom begins verification of retirees, prospective retirees

Recommended Stories

Calabar Port receives 72 vessels in 5 months

Benin River Port will enhance economic growth, ease congestion of ports

August 8, 2022
Nigeria disburses N56bn to MSMEs

Minister urges focal persons on strategies to improve MSMEs

June 6, 2022
NAFDAC prevents dangerous Ponmo  from circulation

NAFDAC recalls 231 cases of dark chocolate covered cherries

April 29, 2022

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Nigeria’s approval of dual NCE, B.Ed degrees in 15 colleges of education a good omen
  • Nasarawa showcases efficient use of fuel subsidy savings, exposes futility of Tinubu’s opposition’s mischief – TDF
  • Transformational in FCT in line with Tinubu’s Renewed Hope agenda

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us