The National Bureau of Statistics, (NBS) has reported that Nigeria’s Consumer Price Index (CPI), also known as the headline inflation rate and which measures the average change over time in prices of goods and services in any economy, increased by 0.19% from the 22.22% percent recorded in April to 22.41% in May this year.
The Bureau, in its ‘‘CPI and Inflation Report May 2023’ posted on its website on Thursday, noted that looking at the movement, the May 2023 inflation rate showed an increase of 4.70% points higher year-on-year (Y-o-Y) when compared to the 17.71% rate recorded in May 2022.
According to the national statistics coordinating agency, likewise, on a month-on-month basis, the headline inflation rate in May 2023 was 1.94%, which was 0.03% higher than the 1.91% rate recorded in in the preceding month, implying that on the average, the general price level in May was 0.03% higher relative to April 2023.
The Bureau reported that the 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 was 21.20%, indicating a 4.75% increase compared to 16.45% recorded in May 2022.
A further analysis of the May 2023 CPI report on urban and rural basis reflected that on a year-on-year basis, the Urban inflation rate was 23.74% in May this year, which was 5.50% point higher compared to the 18.24% recorded in May 2022.
The NBS’ publication further showed that on a month-on-month basis, the Urban inflation rate was 2.09% in May 2023, which was 0.05% points higher compared to the 2.05% recorded in the preceding month while the corresponding 12-month average for the Urban inflation rate rose to 21.95%, which was 4.95% points higher than the 17.00% in May 2022.
On rural inflation rate, the statistics agency reported that the Rural inflation rate in May 2023 rose to 21.19% on a year-on-year basis, representing a 3.98% higher compared to the 17.21% recorded in May 2022.
The Bureau further clarified that on a month-on-month basis, the Rural inflation rate in May 2023 was 1.80%, up slightly by 0.02% points compared to the 1.78% recorded in April this year but that the 12 months average for the Rural inflation rate rose to 20.50% in the month under review, indicating a 4.59% higher than the 15.91% recorded in May 2022.
