Poverty spreads as inflation exposes an out of depth govt.
HE NIGERIAN ECONOMY, which had in recent time 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 (CPI) data, which measures the average change overtime in the prices of basic consumer goods and services.
The latest CPI report from the National Bureau of Statistics (NBS), showed that Nigeria’s
inflation rate climbed for the fourth consecutive month to 17.7 percent in May 2022 from 16.82, while the headline inflation rose 0.02 percent month-on-month to 1.78 percent.
Food inflation, which comprises over 50 percent of the inflation rate, rose to 19.5 percent, its highest in eight months, compared to 18.37 percent 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.
On a similar trend, the urban inflation rate rose to 1.81 percent in May 2022, a 0.003 percent increase compared to 1.78 percent in April 2022, while the rural inflation rate jumped 0.02 percent month-on-month to 1.76 per cent.
The “All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 14.90
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