The National Bureau of Statistics (NBS), says Nigeria’s headline inflation rate increased to 22.41 per cent in May 2023.
This is according to the NBS Consumer Price Index (CPI) and Inflation Report for May 2023, released in Abuja, on Thursday.
According to the report, the figure is 0.19 percent points higher compared to the 22.22 percent recorded in April 2023.
It said on a year-on-year basis, the headline inflation rate in May 2023 was 4.70 percent higher than the rate recorded in May 2022 at 17.71%. This shows that the headline inflation rate (year-on-year basis) increased in May 2023, compared to the same period in May 2022”.
The report said the contributions of items on the divisional level to the increase in the headline index are food and non-alcoholic beverages at 11.61% and Housing, Water, Electricity, Gas and other fuel at 3.75%.
Others include clothing and footwear, at 1.71%; Transport at 1.46%; Furnishings, Household Equipment and Maintenance at 1.13%, Education at 0.88%, and Health, at 0.67%.
“Miscellaneous goods and services at 0.37%; Restaurant and Hotels at 0.27%; Alcoholic Beverage, Tobacco and Kola at 0.24%; Recreation and Culture, at 0.15% and Communication, at 0.15 percent”.
It said increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.
The report said the food inflation rate in May 2023 was 24.82% on a year-on-year basis, which was 5.33 percent higher compared to the rate recorded in May 2022 at 19.5%.
According to the report, the highest increases were recorded in prices of gas, passenger transport by Air, liquid fuel, fuels, lubricants for Personal transport equipment, and vehicles spare parts.
“Others are passenger transport by road, medical services among others”.
