- Advertisement -spot_img
28.2 C
Lagos
HomeBusinessNigeria's inflation rate jumps 22.41% in May from 22.22% previously ~NBS

Nigeria’s inflation rate jumps 22.41% in May from 22.22% previously ~NBS

- Advertisement -spot_img

By Samuel Bankole

Nigeria’s consumer price index (CPI), which measures the rate of change in prices of goods and services, rose to 22.41 percent in May 2023, up from 22.22 percent in the previous month, latest data from the country’s statistical office said.

The May inflation data is contained in the latest CPI report released on Thursday by the National Bureau of Statistics (NBS).

“In May 2023, the headline inflation rate increased to 22.41 percent relative to the April 2023 headline inflation rate, which was 22.22 percent. Looking at the movement, the May 2023 inflation rate showed an increase of 0.19 percent points when compared to the April 2023 headline inflation rate.

“Similarly, on a year-on-year basis, the headline inflation rate was 4.70 percent higher compared to the rate recorded in May 2022, which was 17.71 percent.

“This shows that the headline inflation rate (on a 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).

READ ALSO: NCC asks operators to pay attention to issues of privacy, data integrity, and online trust

“Likewise, on a month-on-month basis, the headline inflation rate in May 2023 was 1.94%, which was 0.03% higher than the rate recorded in April 2023 (1.91 percent). This means that in the month of May 2023, on average, the general price level was 0.03% higher relative to April 2023.

“The percentage change in the average CPI for the twelve-month period ending May 2023 over the average of the CPI for the previous twelve-month period was 21.20 percent, showing a 4.75 percent increase compared to the 16.45 percent recorded in May 2022,” NBS said in the report.

URBAN INFLATION

On a year-on-year basis, in the month of May 2023, the urban inflation rate was 23.74 percent, which was 5.50 percent higher compared to the 18.24 percent recorded in May 2022. On a month-on-month basis, the urban inflation rate was 2.09 percent in May 2023; this was 0.05 percent higher compared to April 2023 (2.05 percent).

The corresponding twelve-month average for the urban inflation rate was 21.95 percent in May 2023. This was 4.95 percent higher compared to the 17.00 percent reported in May 2022.

RURAL INFLATION

The rural inflation rate in May 2023 was 21.19 percent on a year-on-year basis; this was 3.98 percent higher compared to the 17.21 percent recorded in May 2022.

On a month-on-month basis, the rural inflation rate in May 2023 was 1.80 percent, up slightly by 0.02 percent points compared to April 2023 (1.78 percent). The corresponding twelve-month average for the rural inflation rate in May 2023 was 20.50 percent. This was 4.59 percent higher compared to the 15.91 percent recorded in May 2022.

(omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

Join Our Mailing List!

* indicates required
Advert on the enactment of the finance act
- Advertisement -spot_img
- Advertisement -spot_img
Must Read
Related News
- Advertisement -spot_img