Rising Food Prices push Nigeria’s Inflation Rate to 17.7% (May, 2022)

The latest report by the National Bureau of Statistics (NBS) has shown that high cost of food items and fuel increased Nigeria’s inflation rate in May 2022, putting it at 17.7 percent.

The agency stated this in its report on Nigeria’s Consumer Price Index (CPI) which measures the rate of inflation.

Explaining, the NBS noted that the new figure was occasioned by the increasing prices of gas, liquid fuel, bread and cereals, adding that the soaring prices of potatoes, yam, and other tubers, wine, fish, meat, and oils, among others, also influenced the inflation rate

According to the agency, the inflation figure was 0.22 percent points lower than the 17.93 percent rate recorded in May 2021, while on a month-on-month basis, the headline inflation rate increased to 1.78 percent in May 2022, 0.02 percent higher than the rate recorded in April at 1.76 percent.

Also, the report revealed that the composite food index rose to 19.50 percent on a year-on-year basis, a 2.78 percent decline compared to 22.28 per cent recorded in May 2021.

The report read, “The rise in the food index was caused by increase in prices of bread and cereals, food products, potato, yam, and other tubers, wine, fish, meat, and oils.

“On a month-on-month basis, the food sub-index increased to 2.01 percent in May 2022, up by 0.01 percent points from 2.00 percent recorded in April 2022.

“All items less farm produce or core inflation, which excludes the prices of volatile agricultural produce stood at 14.90 percent on a year-on-year basis, up by 1.75 percent when compared to 13.15 percent recorded in May 2021.

“On a month-on-month basis, the core sub-index increased to 1.87 percent in May 2022, up by 0.65 percent when compared to 1.22 percent recorded in April 2022.”

Source: Agro Nigeria