[News] Nigeria’s inflation rate rises to 22.41%

Nigeria’s inflation has risen to 22.41%, a new record high of close to two decades.

 

A report released by the National Bureau of Statistics on Thursday, June 15, showed that the consumer price index (CPI) which measures the rate of change in prices of goods and services had a 0.19 percentage point increase from the 22.22 per cent recorded in April, when inflation rose to a new 18-year record high.

 

The year-on-year inflation rose by 4.70 per cent from the 17.71 per cent it was in May 2022. The report read;

 

“In May 2023, the headline inflation rate increased to 22.41 per cent relative to April 2023 headline inflation rate which was 22.22 per cent.

“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 (17.71per cent).”

 

According to the NBS, the average prices of goods rose by 0.03 per cent. It also stated 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 per cent, showing a 4.75 per cent increase compared to 16.45 per cent recorded in May 2022.

 

Food inflation rate in May 2023 was 24.82 percent on a year-on-year basis. This is 5.33 percent points higher compared to what was recorded in May 2022 (19.50 percent).

 

The NBS said 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, vegetable, spirit.

 

The report added;

 

“On a month-on-month basis, the food inflation rate in May 2023, was 2.19 percent, this was 0.06 percent higher compared to the rate recorded in April 2023 (2.13 perecent).

“The average annual rate of food inflation for the twelve-months ending May 2023 over the previous twelve-month average was 23.65 percent, which was 4.97 percent points increase from the average annual rate of change recorded in May 2022 (18.68 percent).

“On a year-on-year basis food inflation was highest in Ondo (25.84 percent), Kogi (25.70 percent), Rivers (25.02 percent); while Taraba (19.55 percent), Sokoto (19.56 percent), and Plateau (19.89 percent) recorded the slowest rise in headline inflation.”