The consumer price index (CPI), which measures the rate of change in the prices of goods and services, increased by 0.19 percentage points from April's 22.22 percent, when inflation reached a new 18-year high, according to a report released by the National Bureau of Statistics on June 15.
From 17.71 percent in May 2022, inflation increased by 4.70 percent over the previous year.
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).”
The NBS reported that the average price of goods increased by 0.03%. In addition, it stated that the average CPI for the twelve months ending in May 2023 was 21.20 percent higher than the average CPI for the previous twelve months, a 4.75 percent increase from the 16.45 percent recorded in May 2022.
The annual rate of food inflation in May 2023 was 24.82 percent. This is 5.33 percentage points higher than the May 2022 reading of 19.50 percent.
According to the NBS, increases in the prices of oil and fat, yam and other tubers, bread and cereals, fish, potatoes, fruits, meat, vegetables, and spirits are to blame for the rise in food inflation.
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).”
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