Nigeria’s inflation rate climbs for 5th straight month in May
Nigeria’s annual inflation rate rose for the fifth straight month to 22.41 percent in May 2023 from 22.22 percent in the previous month, according to the latest inflation report released on Thursday.
The report published by the National Bureau Statistics (NBS) said the food inflation rate quickened to 24.82 percent in May from 24.61 percent in the previous month.
“Looking at the movement, the May 2023 inflation rate showed an increase of 0.19 percent points when compared to April 2023 headline inflation rate. Similarly, on a year-on-year basis, the headline inflation rate was 4.70 percent points higher compared to the rate recorded in May 2022, which was (17.71 percent),” it said.
It said food & non-alcoholic beverages contributed most to the acceleration in the headline inflation with (11.61 percent) followed by Housing Water, Electricity Gas & Other Fuel (3.75 percent), Clothing & Footwear (1.71 percent) and Transport (1.46 percent).
Others are Furnishings & Household Equipment & Maintenance (1.13 percent) Education, (0.88 percent), Health (0.67 percent), Miscellaneous Goods & Services (0.37 percent), Restaurant & Hotels (0.27 percent,) Alcoholic Beverage, Tobacco & Kola (0.24 percent), Recreation & Culture (0.15 percent) and Communication (0.15 percent).
