The latest report released by the National Bureau of Statistics (NBS) has revealed that the inflation rate in Nigeria soared to a staggering 22.41% in May.
This marks an increase from the inflation rate of 22.22% recorded in the previous month of April.
Further, the report shows that "the May 2023 inflation rate showed an increase of 0.19% points when compared to the April 2023 headline inflation rate."
However, "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%)."
According to the report, the rise in food inflation was caused by increases in prices of oil and fat, yam and other tubers, bread and cereals, fish, potatoes, fruits, meat, vegetables, and spirits.
The report also noted that the highest increases were recorded in prices of Gas, Passenger transport by Air, Liquid fuel, Vehicle spare parts, Fuels and lubricants for personal transport equipment, medical services, Passenger transport by road etc
The statistics body revealed that on a year-on-year basis was highest in Ondo (25.84%), Kogi (25.70%), Rivers (25.02%), while Taraba (19.55%), Sokoto (19.56%) and Plateau
(19.89%) recorded the slowest rise in headline inflation on a year-on-year basis.
Meanwhile, on a month-on-month basis, May 2023 recorded the highest increases in Osun (3.05%), Ebonyi (3.02%), Kogi (2.81%), while Ogun (0.64%), Nasarawa (0.89%) and Imo (0.94%) recorded the slowest rise on a month-on-month basis.
