By Aduragbemi Omiyale
The National Bureau of Statistics (NBS) has disclosed that inflation in Nigeria increased by 22.41 per cent in May 2023, compared with 22.22 per cent in April 2023.
In its report on Thursday, the agency attributed the increase in the average prices of goods and services in the month under review to the 24.82 per cent jump in the food inflation rate, especially in oil and fat, yam and other tubers, bread and cereals, fish, potatoes, fruits, meat, vegetable, and spirits.
The stats office noted that on a year-on-year basis, the headline inflation rate was 4.70 per cent higher than the 17.71 per cent achieved in May 2022.
On a month-on-month basis, the headline inflation rate in May 2023 was 1.94 per cent, higher than the 1.91 per cent recorded in April 2023 by 0.03 per cent.
The percentage change in the average CPI for the 12 months period ending May 2023 over the average of the CPI for the previous 12 months period was 21.20 per cent, higher than the 16.45 per cent recorded in May 2022 by 4.75 per cent.
The NBS said in the month of May 2023, the urban inflation rate was 23.74 per cent on a year-on-year basis compared with the 18.24 per cent achieved in the corresponding period of last year.
On a month-on-month basis, the urban inflation rate was 2.09 per cent in May 2023, higher than 2.05 per cent in April 2023 by 0.05 per cent.
As for the rural inflation rate in May 2023, it was 21.19 per cent on a year-on-year basis, 3.98 per cent higher than the 17.21 per cent recorded in May 2022. On a month-on-month basis, it stood at 1.80 per cent last month versus 1.78 per cent in April 2023.
