Nigeria’s inflation rate rises to 22.41%

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The National Bureau of Statistics (NBS) on Thursday revealed that the nation’s inflation rate had risen to 22.41 per cent in the month of May.

This is a rise from the previous month’s figure of 22.22 per cent.

According to the NBS, Food & Non-Alcoholic Beverages, Housing Water, and Electricity. Gas & Other Fuel, Clothing & Footwear were the major drivers of the inflation rate in May.

“In May 2023, the headline inflation rate increased to 22.41% relative to April 2023 headline inflation rate which was 22.22%. Looking at the movement, the May 2023 inflation rate showed an increase of 0.19% points when compared to April 2023 headline inflation rate.

“Similarly, on a year-on-year basis, the headline inflation rate was 4.70% points higher compared to the rate recorded in May 2022, which was (17.71%).

“This shows that the headline inflation rate (year-on-year basis) increased in the month of May 2023 when compared to the same month in the preceding year (i.e., May 2022),” the report reads.

Urban inflation closed the month of May at 23.74%, which is 5.50% points higher compared to the 18.24% recorded in May 2022.

READ ALSO: Fuel price will come down naturally, NNPC boss, Kyari allays fears of inflation

Also, the Rural inflation rate in May 2023 was 21.19% on a year-on-year basis; this was 3.98% higher compared to the 17.21% recorded during the same month last year.

Food inflation followed the same path, ending last month with 24.82%, up by 5.33% when compared to the 19.50% rate recorded in May 2022.

“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%, this was 0.06% higher compared to the rate recorded in April 2023 (2.13%).

“The average annual rate of Food inflation for the twelve-months ending May 2023 over the previous twelvemonth average was 23.65%, which was 4.97 % points increase from the average annual rate of change recorded in May 2022 (18.68%),” NBS disclosed.

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