x

Nigeria’s Inflation Rate Hits 22.41% As Price Of Goods Increase

Nigeria’s inflation has risen to 22.41%, a new record high of close to two decades.

A report released by the National Bureau of Statistics on Thursday, June 15, showed that the consumer price index (CPI) which measures the rate of change in prices of goods and services had a 0.19 percentage point increase from the 22.22 per cent recorded in April, when inflation rose to a new 18-year record high.

The year-on-year inflation rose by 4.70 per cent from the 17.71 per cent it was in May 2022. The report read;

“In May 2023, the headline inflation rate increased to 22.41 per cent relative to April 2023 headline inflation rate which was 22.22 per cent.

“Looking at the movement, the May 2023 inflation rate showed an increase of 0.19 per cent points when compared to April 2023 headline inflation rate. Similarly, on a year-on-year basis, the headline inflation rate was 4.70 per cent points higher compared to the rate recorded in May 2022, which was (17.71per cent).”

According to the NBS, the average prices of goods rose by 0.03 per cent. It also stated 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 per cent, showing a 4.75 per cent increase compared to 16.45 per cent recorded in May 2022.

Food inflation rate in May 2023 was 24.82 percent on a year-on-year basis. This is 5.33 percent points higher compared to what was recorded in May 2022 (19.50 percent).

The NBS said the rise in food inflation was caused by increases in prices of oil and fat, yam and other tubers, bread and cereals, fish, potatoes, fruits, meat, vegetable, spirit.

The report added;

“On a month-on-month basis, the food inflation rate in May 2023, was 2.19 percent, this was 0.06 percent higher compared to the rate recorded in April 2023 (2.13 perecent).

“The average annual rate of food inflation for the twelve-months ending May 2023 over the previous twelve-month average was 23.65 percent, which was 4.97 percent points increase from the average annual rate of change recorded in May 2022 (18.68 percent).

“On a year-on-year basis food inflation was highest in Ondo (25.84 percent), Kogi (25.70 percent), Rivers (25.02 percent); while Taraba (19.55 percent), Sokoto (19.56 percent), and Plateau (19.89 percent) recorded the slowest rise in headline inflation.”

Hot this week

Editors Urge Government To Create Safe, Enabling Environment For Journalists

· Ask security agents to find missing Vanguard journalistAs...

EXCLUSIVE: Buhari orders probe of Isa Funtua, AMCON over keystone and Etisalat

Following the controversy generated by the leading opposition party,...

6 Signs your boyfriend thinks you are ugly -Take note of No. 2

They say there are three kinds of people; the...

2023: South-East, Middle Belt Forum Endorses Peter Obi

The South-East and Middle Belt Forum has endorsed the...

Edo governor plays host to Delta Speaker, members in Benin

By Anne Azuka Governor Monday Okpebholo of Edo State has ...

Sokoto State to Strengthen Partnership With European Union 

By Muhammad Ibrahim, Sokoto The Sokoto State Government has reaffirmed...

SOKOTO L-PRES Project Organizes Training On Productivity And Technology Adoption 

By Muhammad Ibrahim, Sokoto The Livestock Productivity and Resilience Support...

CSO tasks Gov Eno on A’Ibom University of Education Bill

By Ogenyi Ogenyi,UyoA civil society-cum-human rights organisation in Nigeria,...

Oron Union Celebrates 100 Years of Unity and Cultural Renaissance

By Ogenyi Ogenyi,UyoThe Oron Union, one of Nigeria’s oldest...

JUST IN: Lagos Council Chairman Kolade Alabi Collapses During APC Meeting

Kolade Alabi, Chairman of Bariga Local Government Area and...

NMA Applauds Gov. Otti for Approving 100% Salary Increase for Doctors

The Abia State chapter of the Nigerian Medical Association...
spot_img

Related Articles

Popular Categories

spot_imgspot_img