The National Bureau of Statistics (NBS) says that inflation in Nigeria increased by 22.41 per cent in May 2023, compared with 22.22 per cent recorded in April 2023.
Looking at the movement of the inflation, the May inflation rate showed an increase of 0.19% points when compared to the April headline inflation rate.
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.
The Bureau further stated that 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%; showing that the headline inflation rate on a year-on-year basis increased in the month of May 2023 when compared to the same month in the preceding year.
The NBS report also showed that on a month-on-month basis, the headline inflation rate in May 2023 was 1.94%, which was 0.03% higher than the rate recorded in April which was 1.91%, adding that this means that in May, on the average, the general price level was 0.03% higher relative to April.
“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%, showing 4.75% increase compared to 16.45% recorded in May 2022.”
Further breakdown of the inflation rate showed that the urban inflation rate on a year-on-year basis in May 2023 was 23.74%, indicating 5.50% point higher compared to the 18.24% recorded in May 2022.
Açcording to the report, on a month-on-month basis, the urban inflation rate was 2.09% in May 2023, showing 0.05% points higher compared to April 2023 which was 2.05%.
Also, the rural inflation rate in May 2023 was 21.19% on a year-on-year basis, showing 3.98% higher compared to the 17.21% recorded in May 2022, and on a month-on-month basis, the rural inflation rate in May 2023 was 1.80%, up slightly by 0.02% points compared to April 2023 which was 1.78%.
The report stated that the corresponding twelve-month average for the urban inflation rate was 21.95% in May 2023. This was 4.95% points higher compared to the 17.00% reported in May 2022, while the corresponding 12-month average for the rural inflation rate in May 2023 was 20.50%.
This is 4.59% higher compared to the 15.91% recorded in May 2022.