JUST IN: INFLATION HAS RISEN TO 22.41% ONCE MORE AS FOOD COST SKY-ROCKET

Nigeria’s demand-pull inflation has increased to a record level in the past month for the second time in over two years, according to a new report from the country’s statistics department.
According to National Bureau of Statistics (NBS) data issued on Thursday, the headline inflation rate in May 2023 jumped to 22.41 percent compared to 22.22 percent in April 2023.

In terms of movement, the May 2023 headline inflation rate increased by 0.19 percentage points when compared to the April 2023 headline inflation rate.

According to NBS data, the headline inflation rate was 4.70 percentage points higher year on year compared to the rate recorded in May 2022, which was (17.71 percentage points).

This indicates that the headline inflation rate (year on year) increased in May 2023 as compared to the same month the previous year (i.e. May 2022).