Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,150,848 members, 7,810,268 topics. Date: Saturday, 27 April 2024 at 03:57 AM

Inflation Surges Again, Hits 17.71% Amid Rising Prices - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / Inflation Surges Again, Hits 17.71% Amid Rising Prices (8471 Views)

Diesel, Jet Fuel Rising Prices Threaten Industries, Airlines / 71% Of Newly Registered Voters Are Youths - INEC / Cooking Gas Demand Crashes Amid Rising Prices, Marketers Groan (2) (3) (4)

(1) (2) (3) (Reply) (Go Down)

Inflation Surges Again, Hits 17.71% Amid Rising Prices by Bobloco: 5:39am On Jun 16, 2022
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.
https://punchng.com/inflation-surges-again-hits-17-71-amid-rising-prices/

Re: Inflation Surges Again, Hits 17.71% Amid Rising Prices by gabolak(m): 5:41am On Jun 16, 2022
Ha! God when?

2 Likes

Re: Inflation Surges Again, Hits 17.71% Amid Rising Prices by oz4real83(m): 6:02am On Jun 16, 2022
The name for the kind of inflation we have in Nigeria is unknown in the economic world. Ordinary "rumour" that the prices of petroleum products will "soon increase" even when they haven't increased is enough to raise the inflation level. When the actual increase comes, the inflation level will increase again. I used to call the first type of inflation that is due to rumour as "Wickedness inflation" because as at then, the prices of petroleum products are still the same but inflation still came. Another area where this wickedness inflation comes is when you increase prices by 100% and reduce the quantity by 50% for the same commodity!!!. Most Nigerians have evil hearts, govt's failure just serve as excuse to perpetuate their Wickedness.

78 Likes 7 Shares

Re: Inflation Surges Again, Hits 17.71% Amid Rising Prices by bcomputer101: 6:03am On Jun 16, 2022
What Buhari cannot destroy doesn't exist

54 Likes 4 Shares

Re: Inflation Surges Again, Hits 17.71% Amid Rising Prices by georgen2u(m): 6:13am On Jun 16, 2022
We are in deep shit
It's time we labour to become OBIdient
If we miss this it might be the end of Nigeria as you know it so go get your PVC

since suffering knows no tribe or religion, since we're suffering together irrespective of our tribe and religion, it's also fair if we get it right together by sending thieves and those who thinks they can rape Nigeria TURN by TURN.

23 Likes 3 Shares

Re: Inflation Surges Again, Hits 17.71% Amid Rising Prices by swagficient(m): 6:15am On Jun 16, 2022
What are the metrics they use in calculating these things. Ordinarily, i would say it's worse/ higher than what we have there.


God, we need a miracle. embarassed

5 Likes 1 Share

Re: Inflation Surges Again, Hits 17.71% Amid Rising Prices by gambia(m): 6:17am On Jun 16, 2022
From top to bottom, the Major general of overall failure is really working, he has succeeded in destroying the country completely.

40 Likes 3 Shares

Re: Inflation Surges Again, Hits 17.71% Amid Rising Prices by Babzrockman: 6:19am On Jun 16, 2022
bcomputer101:
What Buhari cannot destroy doesn't exist

Bro. No be Buhari matter be this o.
Go to Europe and see mad inflation now.
The only difference is that their governments increase wages and salaries to match up

6 Likes

Re: Inflation Surges Again, Hits 17.71% Amid Rising Prices by foryourmindok: 6:28am On Jun 16, 2022
Bullhari the dullard will handle insecurity
Osunbande will handle economy.


Today they have changed tone to:

Thiefnubuu, a diseased, convicted ex heroine dealer and foreciously corrupt looter will rebuild Nigeria - same Tinubu that couldn't advise his friend Buhari for 7 years while he was destroying Nigeria.

18 Likes 2 Shares

Re: Inflation Surges Again, Hits 17.71% Amid Rising Prices by WibusJaga: 6:48am On Jun 16, 2022


Which Way Nigeria!
A loaf of bread that cost ₦500 few months back is now ₦1000. Same with other foodstuffs & items.
Things just can't continue like this indefinitely. Something must snap at a point.

8 Likes

Re: Inflation Surges Again, Hits 17.71% Amid Rising Prices by africanpride1: 6:49am On Jun 16, 2022
Obasanjo Laboured for 8 solid Years to get all the Western Nations that we massively owned to cancel our Debts borrowed by the past heartless Governments, and also reduced Inflation to the barest minimum. How on Earth did Nigeria get here? This is the very best Time to be alive and to be a Nigerian. It has been confirmed that 75% of Original Northern Muslims have vowed to massively Vote Tinubu as the next President of Nigeira with Muslim-Christian ticket. Optimists, as well as those who wish Nigeria should forever be stagnated, backward and tied down as an imbalance permanent Underdeveloped wobbling Nation that should be forever be crippled by Nepotism and Religious Bigotary should read this to the End.

The Point is that who is the "core" Northern Muslim? Is one Muslim lesser than another Muslim?! Whenever you hear about core Northern Muslim, we all know it refers to Fulani Muslims of the North. I as a Yoruba Muslim based in the North and I can categorically confess to you that Hausa Muslims are extremely tired and frustrated with the shenanigans and Enslavement by the Fulanis who are just about 6% of Northern Muslims, which are even minority Tribe in the North. Go and watch the Video of the El-Zakzaky Ibraheem Yaqoub Hausa Movement. Did you see through the facade that it was Never really about Islamic denominational differences? They are now wise and they have seen that Religion was merely used to Deceive, Enslave and Take over there Anscentral Lands. Look at how they took their Battle for "Liberation from Fulani Enslavement" to Abuja and were still massively gunned down at Fulani Buahari order.

Much more than it's been publicized, they are completely tired of the Slavery and have Vowed to Ensure a Balanced and Progressive Nigeria devoid of Nepotism and Religion Bigotary. The Great Nigeria we all Dream of, we are ALL now Working towards and it shall become a reality soon. So that we shall see the Emergence of the Great Nigeria which we shall all be Proud as Real Nigerians. In fact, they are the ones that tenaciously fought underground against Fulani Adamu Plan to enforce another Fulanis Concensus Candidate on the Party. The ever outspoken Fulanis only joined the unstoppable massive Moving Train and spoke out to when they have seen that it is completely impossible to erase the Love for Tinubu from the hearts of Northern Majority.

The Great and Glorious Nigeria which is the Dream of every genuine Nigerian has now truly began to come into Reality. Under Tinubu, we can see all Nigeirans in the North and South now uniting Regardless of Ethnicity, Tribalism or Religious differences. It is already happening but the Press are not really reporting much of it because evil News generates Traffic more easily.

The Truth is that the Real Nigerians in the North and South have now gotten to see Clearly over the Years that Invaders don't even care at all about the Progress and Greatness of this Nation, Exploitation of the indegenous People and our Natural Resources has been Proved to be their only Vision.

*When you travel out of the Country, you can Never raise your head high and say you want to be Proud of being a Nigerian because the several Years of Fulani Rulership of the Nation has always brought Monumental Stagnancy to the Progress of the Nation. Also, multiple Setbacks to whatever Progress that Other Presidents Achieve before they come back to Power. No single Progress whatsoever is ever experienced anytime they are in Power, it is only to Create Enimity between the Anscentral Land Owners of Nigeria, to Divide and Cast Nigeira Tribes against one another, to deceive and manipulate through Religion to make Tribal Brothers to betray themselves and support the senseless barbaric Killings of their very own People, to massively kill Original Nigerian so that their Invading Brothers can take over other People Anscentral HomeLands, and every other Satanic Wickedeness you can imagine against Humanity is what they always Focus their Administration on. Just like all Orginial Nigeirans, Hausa Muslims are tired of the Fulani Religion Deception, Manipulation and Enslavement of People that accommodate them when they came into our Father Lands.*

Any day, any time and every time Fulanis freely commit Crimes against Hausas just like they do against all Original Nigeria Owners. Going to report at Station has been proven to be fruitless and useless because the Cases get dismissed as soon as the Offended Son or Daughter of the Soils turns his/her back. Hausa girls, wives and women being Daily brutally raped by Fualnis, for years and still happening all over Northern Part of the Country as we all know.

Over the Years, Hausas Muslims felt alone and helpless under the wicked Enslavement of Fuanli minority. Now that Fulanis has trespassed their Boundaries to Yoruba Land, Hausa Muslims are more bolder knowing that we their Yorubas Muslim Brothers would never be gullible to fall for the religious Trick and manipulation throughout which Hausa Lands were stolen and Enslaved. My Interaction with my majority of Hausa Muslim Brother made me to understand that they are crying for being enslaved on their very one Ancestral Father Land. And they largely look forward to Partering with Yorubas in speedinly ending the satanic Deceitful Fulani Enslavement of Original Nigeria Owners. They are boldly saying that they are no more fools. They said it is Time for them and all Anscentral Owners of Nigeria to Unite and make the Invaders know that Nigerians can Never continue to be Slaves on our Father Land.

We are alive now! The true Greatness of Nigeria regardless of Religious differences is what all of us are after. Fulanis have stagnated this Country enough! Nigeria shall soon become truly Great and respected Globally.

*Personally, I still Love Fulanis, and I look forward to them and us all seriously joining hands with all Original Nigeirans under Tinubu's Administration with Focus for making Nigeria truly Great. From the Video of some Fulanis confessing that they hate what they are being made to do, they mentioned the Names of some Government Official that bought guns and supplies of ammunition to them. Tear trickled down my eyes as I watched that Video because it was obvious that Fulanis are not heartless animals that really enjoy killing fellow Human beings. For the first Time, I appreciated the Humanity in Fuanlis and I knew that Satan caused all the Problems by using few human vessels among them to manipulate orchestrate the Wickedness.*

They are humans like us too. I used this medium to ask all Top Fualnis reading this ask themselves a question? *Are you Fulanis truly Truly Proud of the current grossly and disgracefully shameful State of Nigeira?! Don't you see that you have too much wasted the Nation Nigeria's Time whenever you travel out to USA, Dubai, etc.? Under your longtime watch for Years, why haven't you made Nigeria to become like one of those wonderful Countries?! You never think you can truly make Nigeria to be better than those Countries so that you and I would be proud to call this Place our Glorious Home?!*

*The Sky is big enough for all the Birds to fly! The un-inhabited Lands of Nigeria can never be exhausted in Millions of Years to come! Buy Land as I buy Land from indegenes, let's all always follow due Process. We can all very much Peacefully coexist and make this our beloved Nation Great together and forever peacefully Dwell in it as our uncommon Peaceful Glorious Home. The 2nd Name for Pathetic Foolishness is senseless Envy (that results from demonic Greed), and Enemity where normally non is supposed to exist.*

*For any gullible shallow-minded Soul with myopic over-bloated Ego who hates to see Nigeria become Free from shackles of Nepotism and Religious Bigotary, let me ask you: what if you were born as a Chinese into a Buddhist Family or American into a Christian Family, will you be glad if someone who the green-eyed Demon called Greed deceived should be planning to kill you? Or that such Person is deceiving Your very own People to become your Enemy?!*

*The Killings in Nigeria was never about Islam because Islam is a Religion of Peace. The Killings was out of Greed to Own without following the Proper Humanity loving and supportive Channel. So, you see, anyone that try to make you hate another Nigerian based on Tribal or Religious differences wish you no good at all! Such person is not your friend at all but your worst Enemy! That Person is more Dangerous to your Soul than the most Venomous Snake.*

*Change is the only Constant thing. I know some new Generation of Fulanis too, my good genuine friends, that are becoming true Progressives and want a better truly Glorious Nigeria that we can all be Proud of. Change is the Only Constant Thing, if most Fulanis' mindset can be, and should be, rechannelled to see all Nigeirans reegardless of Religion as their own Brothers and Sisters, together, we shall all very very SOON make Nigeira Great! One Love. The sleeping Giant of Africa has finally woken up! Time for Nigeria's United Greatness has truly come! May ALMIGHTY CREATOR of Humanity Bless Nigeria!*

9 Likes 2 Shares

Re: Inflation Surges Again, Hits 17.71% Amid Rising Prices by gambojimeta: 6:49am On Jun 16, 2022
We are all going to chop the breakfast of high inflation from London to Lagos, Moscow to Timbuktu.
Re: Inflation Surges Again, Hits 17.71% Amid Rising Prices by chatinent: 6:49am On Jun 16, 2022
Nigeria is a great country..but we need a Robinhood...these thieves are much.

5 Likes 1 Share

Re: Inflation Surges Again, Hits 17.71% Amid Rising Prices by morikee: 6:49am On Jun 16, 2022
Na wow o
Re: Inflation Surges Again, Hits 17.71% Amid Rising Prices by 989900: 6:50am On Jun 16, 2022
LOL . . . 17.7%? Really?

We have running inflation . . . for some commodities, it's well over 100%!

APC una try o . . . same party some folks are still queuing up to vote for.

5 Likes

Re: Inflation Surges Again, Hits 17.71% Amid Rising Prices by Danielle09: 6:50am On Jun 16, 2022
War in Ukraine has caused enough damage globally already

3 Likes

Re: Inflation Surges Again, Hits 17.71% Amid Rising Prices by Toriagirl(f): 6:50am On Jun 16, 2022
Buhari has really destroyed this economy, it's just from one hardship to another.

2 Likes

Re: Inflation Surges Again, Hits 17.71% Amid Rising Prices by ProfAmaben(m): 6:50am On Jun 16, 2022
The greedy power thirsty tribe and Buhari destroyed Nigeria. They're not satisfied and still wanna repeat their madness for another 8yrs, never again

2 Likes

Re: Inflation Surges Again, Hits 17.71% Amid Rising Prices by OreoPaschal(m): 6:50am On Jun 16, 2022
Sadly, it has truly.

I have spent over 50,000NGN between Sunday and Today. I am single, I didn't buy any material things, I didn't lounge in any hotel. I didn't pay any utility bill. I just cannot imagine how others who have family survive.

This is sadden! They have succeeded in making the country a mess while they are richer because they save in dollars. cry cry

10 Likes

Re: Inflation Surges Again, Hits 17.71% Amid Rising Prices by Nobody: 6:50am On Jun 16, 2022
Expect an update from this man soon

6 Likes

Re: Inflation Surges Again, Hits 17.71% Amid Rising Prices by gambojimeta: 6:50am On Jun 16, 2022
Babzrockman:


Bro. No be Buhari matter be this o.
Go to Europe and see mad inflation now.
The only difference is that their governments increase wages and salaries to match up
The world was just recovering from Covid then Russia struck Ukraine. People where hailing on Putin as if the more inflation the war would trigger won't affect us all.

Dangote too just announced about over 30% increase in cost of production. Like a real billionaire that he is, he will quickly pass on the cost to consumers from cement to tomato to salt and sugar.

Diesel is also speculated to reach 1500 naira in the next couple of days, every company using diesel will also pass on the cost to consumers.

6 Likes

Re: Inflation Surges Again, Hits 17.71% Amid Rising Prices by ekukeku(m): 6:51am On Jun 16, 2022
Na only salary no dey increase for NIGERIA

But others na jet dem dey carry

1 Like

Re: Inflation Surges Again, Hits 17.71% Amid Rising Prices by kokkubabboni421(m): 6:51am On Jun 16, 2022
Kk
Re: Inflation Surges Again, Hits 17.71% Amid Rising Prices by Zelenskyy(m): 6:52am On Jun 16, 2022
Blackfire:
Why are you fake news peddlers against buhari going to gain..

What has Buhari Ass lickers not gained... ?

He has ditched out crumbs to them from various looted funds that has come to characterize his administration.

That is why they would defend this Useless
APC Government.

Buhari Ass lickers would see the obvious Truth and call it Fake News.

People are suffering in the nation despite the humongous promises that he and Emi Lokan made to Nigerians.

Buhari deserves every stone that is thrown at his direction because he has FAILED WOEFULLY.

3 Likes

Re: Inflation Surges Again, Hits 17.71% Amid Rising Prices by Blackfire(m): 6:52am On Jun 16, 2022
Why are you fake news peddlers against buhari going to gain..
Re: Inflation Surges Again, Hits 17.71% Amid Rising Prices by PointZerom: 6:53am On Jun 16, 2022
grin

Buhari remains the most useless president in the world history.

2 Likes

Re: Inflation Surges Again, Hits 17.71% Amid Rising Prices by Nobody: 6:53am On Jun 16, 2022
shocked

1 Like 1 Share

Re: Inflation Surges Again, Hits 17.71% Amid Rising Prices by McGg: 6:54am On Jun 16, 2022
OBIDIENTLY ALL THE WAY
Re: Inflation Surges Again, Hits 17.71% Amid Rising Prices by 07kjb: 6:55am On Jun 16, 2022
oz4real83:
The name for the kind of inflation we have in Nigeria is unknown in the economic world. Ordinary "rumour" that the prices of petroleum products will "soon increase" even when they haven't increased is enough to raise the inflation level. When the actual increase comes, the inflation level will increase again. I used to call the first type of inflation that is due to rumour as "Wickedness inflation" because as at then, the prices of petroleum products are still the same but inflation still came. Another area where this wickedness inflation comes is when you increase prices by 100% and reduce the quantity by 50% for the same commodity!!!. Most Nigerians have evil hearts, govt's failure just serve as excuse to perpetuate their Wickedness.

Kudos bro flesh and blood didn't reveal this to you

That reduce quantity and increase prices normally burst my head

8 Likes

Re: Inflation Surges Again, Hits 17.71% Amid Rising Prices by PointZerom: 6:56am On Jun 16, 2022
OreoPaschal:
Sadly, it has truly.

I have spent over 50,000NGN between Sunday and Today. I am single, I didn't buy any material things, I didn't lounge in any hotel. I didn't pay any utility bill. I just cannot imagine how others who have family survive.

This is sadden! They have succeeded in making the country a mess while they are richer because they save in dollars. cry cry

Money vanishes in my hands these days.

(1) (2) (3) (Reply)

Buhari: We Will Improve Security, Revamp Economy Before Leaving Office / Re: Plan To Demolish Mosque In Onitsha(pic) / FG Reduces Cost Of Importing Food By $2bn

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 62
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.