Inflationary pressure continued its tight grip on economy in month of May settling at 22.41% against April figure of 22.22 percent . This indicates 0.19 percent increase over April figure.
National Bureau of Statistics (NBS) confirmed latest inflation figure on Thursday. The Bureau cited increases in cost of foods on monthly and yearly basis as reason for upsurge in inflation.
According to NBS: “‘The Food inflation rate in May 2023 was 24.82% on a year-on-year basis; which was 5.33% points higher compared to the rate recorded in May 2022 (19.50%). The rise in the food inflation on year-on-year basis was caused by increases in prices of oil and fat, yam and other tubers, bread and cereals, fish, potatoes, fruits, meat, vegetable, spirit.
On a month-on-month basis, the Food inflation rate in May 2023 was 2.19%, this was 0.06% higher compared to the rate recorded in April 2023 (2.13%)”.
“The average annual rate of food inflation for the twelve-months ending May 2023 over the previous twelve-month average was 23.65%, which was 4.97% points increase from the average annual rate of change recorded in May 2022 (18.68%)”.
NBS put percentage change in the average CPI for the twelve months period ending May 2023 over the average of the CPI for the previous twelve months period at 21.20%, showing 4.75% increase compared to 16.45% recorded in May 2022.
With regards to urban inflation, on year-on-year basis, in the month of May 2023, the urban inflation rate was 23.74%. It showed5.50% point higher compared to the 18.24% recorded in May 2022. On a month-on-month basis, the Urban inflation rate was 2.09% in May 2023, this was 0.05% points higher compared to April 2023 (2.05%).
The corresponding twelve-month average for the Urban inflation rate was 21.95% in May 2023. This was 4.95% points higher compared to the 17.00% reported in May 2022.
The Rural inflation rate in May 2023 was 21.19% on a year-on-year basis.
The figure was 3.98% higher compared to the 17.21% recorded in May 2022. On a month-on-month basis, the Rural inflation rate in May 2023 was 1.80%, up slightly by 0.02% points compared to April 2023 (1.78%).
The corresponding twelve-months average for the Rural inflation rate in May 2023 was 20.50%. This was 4.59% higher compared to the 15.91% recorded in May 2022.
Inflation rates vary across states. 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.
On a month-on-month basis, highest increases was recorded in Osun (3.05%), Ebonyi (3.02%), Kogi (2.81%), while Ogun (0.64%)Nasarawa (0.89%) and Imo (0.94%) recorded the slowest rise on month-on-month inflation.
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.
“On a month-on-month basis, however, May 2023 food inflation was highest in River (3.74%), Osun (3.44%) and Kogi (3.38%), while Sokoto (0.45%), Kano (0.61%) and Nasarawa (0.85%) recorded the slowest rise in inflation on month-on-month basis “, NBS data showed.
