June 15, 2023

Nigeria’s annual  headline inflation rose to 22.41% in May, 2023 on a year-on-year basis from 22.22% in April, the National Bureau of Statistics (NBS) said on Thursday.

In it’s latest report the NBS said, looking at the movement, the May 2023 inflation rate showed an increase of 0.19% points when compared to April 2023 headline inflation rate.

Similarly, on a year-on-year basis, the headline inflation rate was 4.70% points higher compared to the rate recorded in May 2022, which was (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.