The National Bureau of Statistics, NBS, said that the inflation rate rose to 17.71% in May from 16.82% in April, representing the highest in 10 months since July 2021, driven by continuous increase in prices of food items like Bread and cereals, Potatoes,
yam, and other tubers, Wine, Fish, Meat, and Oils
The continuous rise in price of food items also drove up the Food Inflation Rate to 19.50 percent in May 2022, up from 18.37% in April, representing the highest in 7months since October last year.
The NBS disclosed this in its Inflation Report for May 2022 just released on its website.
