NBS: inflation increases to 17.71%

The National Bureau of Statistics (NBS) yesterday said from the 16.82 per cent in April, this year, inflation rose to 17.71 per cent last month, hitting 11 months high.

According to its document entitled: “Consumer Price Index (CPI and Inflation Report May 2022,” the figure is 0.22 per cent point down compared to the 17.93 per cent recorded in the corresponding period last year.

The NBS report said: “In May 2022, the inflation rate increased to 17.71 per cent on a year-on-year. This is 0.22 per cent points lower compared to the rate recorded in May 2021, which is (17.93) per cent.

It also noted that increases were recorded in Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index.

The NBS said on monthly, the headline inflation rate increased to 1.78 per cent in May, this year, this is also 0.02 per cent higher than the rate recorded in April, this year (1.76) per cent.

It added that the  percentage change in the average composite CPI for the twelve months period ending May 2022 over the average of the CPI for the previous 12 months period is 16.45 percent, showing a 0.95 percent increase compared to the 15.50 per cent recorded in May, last year.

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