Saturday, June 3, 2023
No Result
View All Result
SUBSCRIBE
eNaira Online News
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion
eNaira Online News
No Result
View All Result

Inflation surges again, hits 17.71% amid rising prices

by e-Naira Online News
June 15, 2022
in Finance
Reading Time: 2 mins read
A A
0
Home Finance
Share on FacebookShare on Twitter



Nigeria’s inflation rate has again surged to 17.71 per cent, according to latest figures by the National Bureau of Statistics.

In May 2022, the inflation rate increased to 17.71 per cent on a year-on-year basis, the NBS said on Wednesday.

It stated in its ‘CPI and Inflation Report May 2022’ that the latest figure is a 0.22 per cent points lower than the rate recorded in May 2021, which is (17.93) per cent.

The report read in part, “This means that the headline inflation rate slowed down in the month of May when compared to the same month in the previous year (i.e. the year 2021). Increases were recorded in all classification of individual consumption by purpose divisions that yielded the headline index.”

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

The urban inflation rate increased to 18.24 per cent (year-on-year); this is a 0.27 per cent decline compared to 18.51 per cent recorded in May 2021.

On a month-on-month basis, the urban inflation rate rose to 1.81 per cent in May 2022, this is a 0.03 per cent increase compared to April 2022 (1.78).

The corresponding 12-month average percentage change for the urban index is 17.00 per cent in May 2022. This is 0.91 per cent higher compared to 16.09 per cent reported in May 2021.

The rural inflation rate increased to 17.21 per cent in May 2022 (year-on-year) basis; this is a 0.15 per cent decline compared to 17.36 recorded in May 2021.

On a month-on-month basis, the rural index rose to 1.76 per cent in May 2022, up by 0.02 per cent from the rate recorded in April 2022 (1.74), while the corresponding 12-month average percentage change for the rural inflation rate in May 2022 is 15.91 per cent.

This is 0.97 per cent higher compared to 14.94 per cent recorded in May 2021.

Speaking in an exclusive interview with The PUNCH, an economic expert at the Pan-Atlantic University, Associate-Professor Olalekan Aworinde, said the events of the last few months were apt indicators that the inflation rate would increase further.



Source link

Tags: hitsinflationpricesRisingsurges
Previous Post

Double-Digits Losses Are The Order Of The Day As Bitcoin Declines To $20,000

Next Post

Torche move to deepen biometric payment in Africa

Related Posts

India’s worst rail disasters
Finance

India’s worst rail disasters

by e-Naira Online News
June 3, 2023
Insights: Increase in taxation squeezes household expenditure and business expansion -Yemi Kale 
Finance

Insights: Increase in taxation squeezes household expenditure and business expansion -Yemi Kale 

by e-Naira Online News
June 3, 2023
A’Ibom: Court sentences to death three women-kidnappers
Finance

A’Ibom: Court sentences to death three women-kidnappers

by e-Naira Online News
June 3, 2023
Insights: New PMS price could raise June’s inflation to 30% – Dr Yemi Kale
Finance

Insights: New PMS price could raise June’s inflation to 30% – Dr Yemi Kale

by e-Naira Online News
June 3, 2023
Three Securities Shore Up NASD Market Capitalisation By N14.99bn
Finance

Three Securities Shore Up NASD Market Capitalisation By N14.99bn

by e-Naira Online News
June 3, 2023
Next Post
Torche move to deepen biometric payment in Africa

Torche move to deepen biometric payment in Africa

Banks’ domestic credit jumps 169% in seven years

Banks’ domestic credit jumps 169% in seven years

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
Dollar To Naira Exchange Rate Today (Wed. May 31, 2023)

Dollar To Naira Exchange Rate Today (Wed. May 31, 2023)

May 31, 2023
Why new Kano Governor, Abba Yusuf is seizing public assets sold by Ganduje

Why new Kano Governor, Abba Yusuf is seizing public assets sold by Ganduje

May 30, 2023
India’s worst rail disasters

India’s worst rail disasters

June 3, 2023
Insights: Increase in taxation squeezes household expenditure and business expansion -Yemi Kale 

Insights: Increase in taxation squeezes household expenditure and business expansion -Yemi Kale 

June 3, 2023
Heirs Insurance appoints Fayemi as new MD

Heirs Insurance appoints Fayemi as new MD

June 3, 2023
A’Ibom: Court sentences to death three women-kidnappers

A’Ibom: Court sentences to death three women-kidnappers

June 3, 2023
Insights: New PMS price could raise June’s inflation to 30% – Dr Yemi Kale

Insights: New PMS price could raise June’s inflation to 30% – Dr Yemi Kale

June 3, 2023
Nigeria Air’s launch faces hurdle amid bungled application for takeoff

Nigeria Air’s launch faces hurdle amid bungled application for takeoff

June 3, 2023
Oil and gas stocks fuels NGX’s bullish week

Oil and gas stocks fuels NGX’s bullish week

June 3, 2023
Three Securities Shore Up NASD Market Capitalisation By N14.99bn

Three Securities Shore Up NASD Market Capitalisation By N14.99bn

June 3, 2023

Get the free newsletter

eNaira Online News

Get the latest news and follow the coverage of eNaira, Business & Financial, Stock Market, Analysis, and more from the trusted sources.

CATEGORIES

  • Banking
  • Business
  • Capital Market
  • Companies
  • Crypto
  • eNaira
  • Finance
  • Opinion
  • Personal Finance
  • Real estate
  • Uncategorized
No Result
View All Result

GET THE FREE NEWSLETTER

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 e-Naira Online News.
e-Naira Online News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion

Copyright © 2022 e-Naira Online News.
e-Naira Online News is not responsible for the content of external sites.