Nigeria’s consumer price index (CPI), which measures inflation rate, surged to 17.71 per cent in May 2022, up from 16.82 per cent in the previous month.
The figure is 0.22 points lower than the 17.93 per cent recorded in May 2021.
With the development, it means that the headline inflation rate slowed down in May 2022 compared to the same month in the previous year.
The National Bureau of Statistics (NBS) said this in its Consumer Price Index (CPI) report for 2022 released on Wednesday.
Food inflation rose to 19.5% from 18.37% recorded in the previous month,
Core inflation quickened to 14.9% in the review month from 14.18% recorded in April 2022.