According to a report by the National Bureau of Statistics (NBS), Nigeria’s inflation rate increased from 22.22% in April to 22.41% in May 2023.
Comparing the movement of inflation, the May rate showed a 0.19% point increase compared to the previous month’s headline inflation rate.
On a year-on-year basis, the May 2023 headline inflation rate was 4.70% points higher than the rate recorded in May 2022, indicating an increase in inflation compared to the same month of the previous year.
The NBS report also revealed that on a month-on-month basis, the headline inflation rate in May 2023 was 1.94%, slightly higher by 0.03% compared to April 2023. This means that, on average, the general price level increased by 0.03% in May relative to April.
The report highlighted that the average Consumer Price Index (CPI) for the twelve months ending in May 2023 increased by 4.75% compared to May 2022, with a percentage change of 21.20% over the previous twelve months.
Further analysis of the inflation rate showed that the urban inflation rate in May 2023 was 23.74% on a year-on-year basis, which was 5.50% points higher compared to May 2022. On a month-on-month basis, the urban inflation rate increased by 0.05% points from April 2023.
Similarly, the rural inflation rate in May 2023 was 21.19% on a year-on-year basis, indicating a 3.98% increase compared to May 2022. On a month-on-month basis, the rural inflation rate in May 2023 increased by 0.02% points compared to April 2023.
The report also provided corresponding twelve-month averages, stating that the urban inflation rate was 21.95% in May 2023, while the rural inflation rate was 20.50%. These figures represented increases compared to the corresponding averages reported in May 2022.
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