By CLEMENT NWOJI, Abuja
The Nigeria’s inflation rate has kept steady increase, hitting 22.41 percent in the month of May, 2023, according to figures released by the National Bureau of Statistics (NBS).
The latest figure differed from that of April, 2023 rate which was 22.22 percent with an increase of 0.19 percent points when compared to April’s headlines inflation rate.
The NBS attributed the increase in May inflationary trend to price increases associated with Oil and fat, Yam and other tubers, Bread and cereals, Fish, Potatoes, Fruits, Meat, Vegetable, Spirit, Gas, Passenger transport by Air, Liquid fuel, Vehicles spare parts, Fuels and lubricants for personal transport equipment, medical services, Passenger transport by road, among others.
“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 (i.e., May 2022), the Bureau stated.
Also, NBS said:”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%). This means that in the month of May 2023, on the average, the general price level was 0.03% higher relative to April
2023.”
Further, NBS noted that in the case of urban inflation year-on-year basis, in the month of May 2023, the Urban inflation rate was 23.74%, this was 5.50% point higher compared to the 18.24% recorded in May 2022.
It said on a month-on month basis, the Urban inflation rate was 2.09% in May 2023, which was 0.05% points higher compared to April 2023 (2.05%).
Also, the corresponding twelve-month average for the Urban inflation rate was 21.95% in May 2023 and 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; this 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.
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%).
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.
On a month-on-month basis, the Core inflation rate was 1.81% in May 2023. It stood at 1.46% in April 2023, up by 0.35%. The average twelve-months annual inflation rate was 18.33% for the twelve-months ending May 2023; this was 4.50% points higher than the
13.83% recorded in May 2022.
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, however, May 2023 recorded the highest increases 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..
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.
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
News6 days ago
News1 week ago
News5 days ago