The National Bureau of Statistics says Nigeria’s inflation rate increased to 22.4% in May from the 22.22 per cent recorded in April.
According to the statistics body, year-on-year inflation rose by 4.70 per cent from the 17.71 per cent it was in May 2022.
Quoting from its ‘Consumer Price Index’ for May 2023, which was released on Thursday, the NBS stated, “In May 2023, the headline inflation rate increased to 22.41 per cent relative to April 2023 headline inflation rate which was 22.22 per cent.
“Looking at the movement, the May 2023 inflation rate showed an increase of 0.19 per cent points when compared to April 2023 headline inflation rate. Similarly, 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 (17.71per cent),” NBS revealed.
The body noted further that in May, the average prices of goods rose by 0.03 per cent. It also stated that the percentage change in the average CPI for the twelve months period 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.
According to the NBS, food and non-alcoholic beverages contributed 11.61 per cent to year-on-year inflation. Housing water, electricity, gas and other fuel (3.75 per cent); clothing and footwear (1.71 per cent); transport (1.46 per cent); furnishings and household equipment and maintenance (1.13 per cent) rounded off the top five contributors to inflation.
