Nigeria’s inflation rate sustains uptrend in May, increasing to 22.41%

Nigeria’s headline inflation rate sustained its uptrend in May, increasing by 19 basis points to 22.41per cent from 22.22 per cent reported in April 2023.

The National Bureau of Statistic (NBS) on Thursday in its latest Consumer Price Index report said: “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 4.70per cent points higher compared to the rate recorded in May 2022, which was (17.71per cent).

“This shows that the headline inflation rate (year-on-year basis) increased in the month of May 2023 when compared to the May 2022.”

According to NBS, on a month-on-month basis, the headline inflation rate in May 2023 was 1.94 per cent, which was 0.03 per cent higher than the 1.91 per cent recorded in April 2023.

“This means that in the month of May 2023, on the 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 period ending May 2023 over the average of the CPI for the previous twelve months period was 21.20 per cent, showing 4.75perr cent increase compared to 16.45 per cent recorded in May 2022,” the report explained.

On food inflation, the report said it stood at 24.82 per cent in May 2023, a 5.33 per cent points higher compared to the rate recorded in May 2022 (19.50 per cent).

“The rise in the food inflation on year-on-year basis was caused by increases in prices of oil and fat, yam and other tubers, bread and cereals, fish, potatoes, fruits, meat, vegetable, spirit.

“On a month-on-month basis, the food inflation rate in May 2023 was 2.19 per cent, this was 0.06 per cent higher compared to the rate recorded in April 2023 (2.13 per cent).

“The average annual rate of food inflation for the twelve-months ending May 2023 over the previous twelvemonth average was 23.65 per cent, which was 4.97 per cent points increase from the average annual rate of change recorded in May 2022 (18.68 per cent),” the report by NBS explained