The National Bureau of Statistics (NBS) has said that Nigeria’s annual inflation rate rose to 22.41 per cent in May from 22.22 per cent in the previous month.
In a report released on Thursday, June 15, the statistics office said the May 2023 inflation rate showed an increase of 0.19 per cent points when compared to April 2023 headline inflation rate.
The NBS said on a year-on-year basis, the headline inflation rate was 4.70 per cent points higher compared to the rate recorded in May 2022, which was (17.71 per cent).
According to the report, the food inflation rate quickened to 24.82 per cent in May from 24.61 per cent in April.
The NBS said the contributions of items on the divisional level to the acceleration in the headline index are food & non-alcoholic beverages (11.61 per cent), housing, water, electricity, gas and other fuel (3.75 per cent), clothing & footwear (1.71 per cent), transport (1.46 per cent), among others.
“This means that in May 2023, on average, the general price level was 0.03 per cent higher relative to April 2023.
The percentage change in the average CPI for the twelve months ending May 2023 over the average of the CPI for the previous twelve months period was 21.20 per cent, showing a 4.75 per cent increase compared to 16.45 per cent recorded in May 2022,” the report said.
