Finance

Nigeria’s May inflation rate swings to 22.41%

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Nigeria’s inflation rate, which has been on the upswing for over nine months now, in May, 2023, closed at on 22.41 per cent relative to April 2023 headline figure of 22.22 per cent. 

According to a statement obtained from National Bureau of Statistics (NBS) website, yesterday, looking at the movement, the May 2023 inflation rate showed an increase of 0.19 per cent points when compared to April 2023 headline inflation rate. 

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

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The food inflation rate in May 2023 was 24.82 per cent on a year-on-year basis; which was 5.33 per cent points higher compared to the rate recorded in May 2022 (19.50 per cent). 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 per cent. This was

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0.06 per cent higher compared to the rate recorded in April 2023 (2.13 per cent). The average annual rate of food inflation for the twelve-months ending May 2023 over the previous twelve-month average was 23.65 per cent, which was 4.97 per cent points increase from the average annual

rate of change recorded in May 2022 (18.68 per cent).

“The “all-items less farm produce” or core inflation, which excludes the prices of volatile agricultural produce stood at 20.06 per cent in May 2023 on a year-on-year basis; up by 5.16 per cent when compared to the 14.90 per cent recorded in May 2022.

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The highest increases were recorded in

prices of gas, passenger transport by air, liquid fuel, vehicles spare parts, fuels and lubricants for personal transport equipment, medical services, passenger transport by road etc. 

“On a month-on-month basis, the core inflation rate was 1.81 per cent in May 2023. It stood at

1.46 per cent in April 2023, up by 0.35 per cent. The average twelve-months annual inflation rate was 18.33 per cent for the twelve-months ending May 2023; this was 4.50 per cent points higher than the

13.83 per cent recorded in May 2022” NBS said.

Sunnews

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