APA – Lagos (Nigeria)
Nigeria’s National Bureau of Statistics (NBS) has announced that Nigeria’s inflation rate for the month of May 2023 increased to 22.41% as against 22.22% recorded in April 2023.
The NBS said in its monthly report of the consumer price index, which measures inflation on Thursday in Abuja that the movement in May 2023 inflation rate showed an increase of 0.19% points when compared to April 2023 headline inflation rate.
It added 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%.
According to the report, 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 of May 2022.
It attributed the increase in inflation prices of Food & Non-Alcoholic Beverages Housing Water, Electricity. Gas & Other Fuel, Clothing & Footwear, Transport Furnishings & Household Equipment & Maintenance, Education and Health.
“Likewise, 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 2023 (1.91%). This means that in the month of May 2023, on the average, the general price level was 0.03% higher relative to April 2023,” it said.
It explained that 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.
It added that on a year-on-year basis, in the month of May 2023, the Urban inflation rate was 23.74%, this was 5.50% point higher compared to the 18.24% recorded in May 2022, while 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 in May 2022.
GIK/APA
Nigeria’s inflation rate increase to 22.41% in May
