The Nigerian economy, which had in recent times wobbled under inflationary pressure, was dealt yet another blow as inflation figures soared to an 11-month high, further tightening the purchasing power of the populace, according to the Consumer Price Index data, which measures the average change over time in the prices of basic consumer goods and services.
The latest CPI report from the National Bureau of Statistics showed that Nigeria’s inflation rate climbed for the fourth consecutive month to 17.7 per cent in May 2022 from 16.82, while the headline inflation rose 0.02 per cent month-on-month to 1.78 per cent.
Food inflation, which comprises over 50 per cent of the inflation rate, rose to 19.5 per cent, its highest in eight months, compared to 18.37 per cent in April.
The rise in the food index was led by increases in the prices of food commodities including bread, cereals, yam and other tubers, fish, meat, and oils.