Nigeria’s Inflation Rate Climbs to 22.41% in May 2023 Amid Fuel Subsidy Removal According to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Thursday, Nigeria witnessed a surge in inflation, with the rate reaching 22.41% in May 2023 compared to 22.22% in April 2023.
The removal of fuel subsidy was cited as a contributing factor to this increase. The CPI serves as a measure for tracking the price changes of goods and services. The report highlighted that the inflation rate for May 2023 exhibited a 0.19% point rise when compared to the headline inflation rate in April 2023.
“Similarly, on a year-on-year basis, the headline inflation rate was 4.70% points higher compared to the rate recorded in May 2022, which was (17.71%).
“This shows that the headline inflation rate (year-on-year basis) increased in the month of May 2023 when compared to the same month in the preceding year.
“Likewise, on a month-on-month basis, the headline inflation rate in May 2023 was 1.94%, which was 0.03% higher than the rate recorded in April 2023 (1.91%).
NBS Data Shows Slight Price Rise of 0.03% in May 2023 Compared to April 2023 According to the National Bureau of Statistics (NBS), the average general price level in Nigeria saw a marginal increase of 0.03% in May 2023 when compared to April 2023.
This indicates a slight uptick in overall prices during that month. Additionally, the NBS report highlighted that the average Consumer Price Index (CPI) for the twelve-month period ending in May 2023 exhibited a percentage change of 21.20% compared to the average CPI for the previous twelve-month period. This figure represents a notable 4.75% increase from the 16.45% recorded in May 2022.
