High cost of food items and non-alcoholic beverages pushed Nigeria’s inflation to 22.41% in May, the Nigerian Bureau of Statistics, has reported.
The NBS in its Consumer Price Index (CPI) report for the month of May released on Thursday said the headline inflation rate increased to 22.41% relative to April 2023 headline inflation rate which was 22.22%.
It reported that the May 2023 inflation rate showed an increase of 0.19% points when compared to April 2023 headline inflation rate.
Similarly, 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%). 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).
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. On a month-on-month basis, the Urban inflation rate was 2.09% in May 2023, this was 0.05% points higher compared to April 2023 (2.05%). 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.
The 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. 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 (1.78%). The corresponding twelve-months average for the Rural inflation rate in May 2023 was 20.50%. This was 4.59% higher compared to the 15.91% recorded in May 2022.
The Food inflation rate in May 2023 was 24.82% on a year-on-year basis; which was 5.33% points higher compared to the rate recorded in May 2022 (19.50%). The rise in the food inflation on a 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%, this was 0.06% higher compared to the rate recorded in April 2023 (2.13%). The average annual rate of Food inflation for the twelve-months ending May 2023 over the previous twelvemonth average was 23.65%, which was 4.97 % points increase from the average annual rate of change recorded in May 2022 (18.68%).
The “All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 20.06% in May 2023 on a year-on-year basis; up by 5.16% when compared to the 14.90% recorded in May 2022. 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% in May 2023. It stood at 1.46% in April 2023, up by 0.35%. The average twelve-month annual inflation rate was 18.33% for the twelve-months ending May 2023; this was 4.50% points higher than the 13.83% recorded in May 2022.
