Nigeria’s inflation climaxed at 22.41 per cent in May which is a 0.19 per cent point increase when compared to 22.22 per cent recorded in April, the National Bureau of Statistics has disclosed.
This is coming on the heels of the removal of fuel subsidy by the federal government which led to the increase in transportation fares and the cost of goods and services in the country.
In a report released yesterday, the NBS listed items that contributed to the acceleration in inflation figure as food and non-alcoholic beverages, with 11.61 per cent, followed by housing water, electricity, gas and other fuel at 3.75 per cent, and clothing and footwear, 1.71 per cent.
Others are Furnishings & Household Equipment & Maintenance (1.13 per cent) Education, (0.88 per cent), Health (0.67 per cent), Miscellaneous Goods & Services (0.37 per cent), Restaurant & Hotels (0.27 per cent) Alcoholic Beverage, Tobacco & Kola (0.24 per cent), Recreation & Culture (0.15 per cent) and Communication (0.15 per cent).
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The report indicated that Nigeria’s inflation has been on an upward trend since May 2022.
It also showed that food prices increased by 24.82 per cent in May, with notable rises in oil/fat, yam, bread/cereals, fish and vegetables.
It said the highest rise in food inflation on a year-on-year basis was in Ondo 30.26 per cent, Kogi 29.83 per cent and Kwara 29.52 per cent, while Sokoto 18.89 per cent, Taraba 21.30 per cent and Kano 21.33 per cent, recording the slowest rise.
Items less farm produce or core inflation, which excludes the prices of volatile agricultural produce, it said, stood at 20.06 per cent which was up by 5.16 per cent 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 per cent in May 2023. It stood at 1.46 per cent in April 2023, up by 0.35 per cent.
The average 12-month inflation rate was 18.33 per cent for the 12 months ending May 2023; this was 4.50 per cent points higher than the 13.83 per cent recorded in May 2022.”
