Consumer Price Index which measures inflation jumped 22.41% in May 2023, the National Bureau of statistics said in a Thursday report.
This is the highest inflation rate since 2009, NBS data showed.
May inflation rate showed an increase of 4.70% compared to the 17.71% recorded in May 2022.
According to NBS, rise in the prices of ‘food & non-alcoholic beverages’ contributed most to the rise of the headline index.
On a month-on-month basis, the headline inflation rate in May 2023 was 1.94%, which was 0.03% higher than the 22.22% recorded in April 2023 (1.91%).
Inflation rate from January to May this year:
- January: 21.82%
- February: 21.91%
- March: 22.04%
- April: 22.22%
- May: 22.41%
In May, food inflation rate was 24.82% on a year-on-year basis; which was 5.33% points higher compared to the 19.50% recorded in May 2022.
On a month-on-month basis, the Food inflation rate in May 2023 was 2.19%, this was 0.06% higher compared to the 2.13% recorded in April 2023.
In May 2023, Food inflation on a year-on-year basis was highest in Ondo (30.26%), Kogi (29.83%) and Kwara (29.52%), while Sokoto (18.89%), Taraba (21.30%) and Kano (21.33%) recorded the slowest rise in Food inflation on year-on-year basis.
NBS said that 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, according to the report.
In May 2023, all items inflation rate on a year-on-year basis was highest in Ondo (25.84%), Kogi (25.70%), Rivers (25.02%), while Taraba (19.55%), Sokoto (19.56%) and Plateau (19.89%) recorded the slowest rise in headline inflation on year-on-year basis.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.