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Nigeria’s inflation rate reaches 11-month high, hits 17.71%

The consumer price index (CPI), which measures the rate of change in prices of goods and services, surged to 17.71 percent in May 2022, up from 16.82 percent in the previous month.

The National Bureau Statistics (NBS) said this in its Consumer Price Index (CPI) report for 2022 released on Wednesday.

With the development, it means that the headline inflation rate slowed down in May 2022 compared to the same month in the previous year.

According to the NBS report, increases were recorded in all classifications of individual consumption by purpose (COICOP) divisions that yielded the headline index.

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

“The percentage change in the average composite CPI for the twelve months period ending May 2022 over the average of the CPI for the previous twelve months period is 16.45 percent, showing a 0.95 percent increase compare to the 15.50 percent recorded in May 2021.

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