Inflation Increases to 22.41%

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According to a recent data released by the country’s statistics bureau, Nigeria’s demand-pull inflation has increased once more to a record high in the past month after rising steadily for more than two years.

According to data from the National Bureau of Statistics (NBS) that was made public on Thursday, the headline inflation rate rose from 22.22 percent in April 2023 to 22.41 percent in May 2023.

Looking at the change, the headline inflation rate for May 2023 increased by 0.19 percentage points from the headline inflation rate for April 2023.

According to the NBS data, the headline inflation rate was 4.70% points higher on an annual basis than the rate that was registered in May 2022 (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).

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