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May 2022 CPI Report: Headline Inflation Hits Record-High | Mounting Towards the Eleventh Floor

  • In the inflation report recently released by the National Bureau of Statistics (NBS), Headline inflation rose to 17.71% YoY in May 2022, the highest in eleven months.  The acceleration of growth in prices is occasioned by a sharper rise on both sub-components of the CPI.  For Food Inflation, the index rose from 18.37% in April to 19.50% in May 2022. Similarly, Core Inflation surged 72bps from April to 14.90% YoY in May 2022. This is largely driven by increases in the heavily weighted sub-components, HWEGF (+78bps), Clothing and Footwear (+44bps) and Transport (+55bps). On a Month-on-Month (MoM) basis, Headline Inflation rose marginally by 2bps MoM to 1.78%, fuelled by a surge (+65bps) in Core Inflation. Food inflation rose marginally (1bp) to 2.01%.
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ARM Securities Limited
ARM Securities Limited

ARM Securities Limited is a full-service brokerage house that offers best-in-class brokerage services to local as well as foreign private and institutional investors. Formerly known as Hamilton Hammer, the Company commenced operation in 1994 and was acquired by ARM Investment Managers in 2008--an acquisition which has successfully re-positioned the company as a recognized brokerage firm in Nigeria. The Company is a dealing member of the Nigerian Stock Exchange (NSE) and is regulated by Securities and Exchange Commission (SEC). ARM Securities research team provides insightful commentaries on the Nigerian economy and its equity and debt markets using an approach which incorporates a thorough understanding of the fundamentals of the industries and companies under coverage. The research therefore adopts an integrated methodology of top-down analysis and bottom-up stock selection, which focuses on publicly quoted companies on the Nigerian Stock Exchange that are judged to offer the highest potential for earnings growth. In addition, its analysts provide periodic commentaries on a range of topical global and local issues which provide investing clients with a holistic view of the opportunities and risks in today’s financial market landscape. ​

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