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Inflation rate surges to 11-month high, now 17.71% – NBS

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Nigerians, businesses count costs over worsening economic crisis

The National Bureau of Statistics (NBS) on Wednesday released its Consumer Price Index (CPI) report for May 2022.

According to the NBS, the CPI, which measures the rate of change in prices of goods and services, surged to 17.71 per cent in May 2022, from 16.82 per cent in the April.

The figure is 0.22 points lower than the 17.93 per cent recorded in May 2021.

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

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