Nigeria’s inflation hits 18yr high at 22.4%, to surpass 23% this month

The National Bureau of Statistics, NBS, Consumer Price Index, CPI, report for May, 2023, shows headline inflation rose year-on-year by 0.19 percentage point to 22.41 percent in May from 22.22 percent in April.

This is the highest inflation rate recorded in Nigeria since September 2005 and the third straight month of staying within the 22 percent band.

Recall that the federal government recently removed fuel subsidy resulting in over a hundred percent rise in the pump price per litre while the Central Bank of Nigeria, CBN, two days ago, floated the foreign exchange rate, resulting in 40% depreciation of the local currency, the Naira, to N664.04/$ in the official market.

The NBS report stated: “In May 2023, the headline inflation rate increased to 22.41 percent relative to 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 April 2023 headline inflation rate.”

The Bureau also said that food inflation rose to 24.82 percent in May from 24.61 percent in April due to increases in prices of oil and fat, yam and other tubers, bread and cereals, fish, potatoes, fruits, meat, vegetable, and spirit.

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