• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Tuesday, July 1, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Inflation Rises For 5 Straight Months To 22.41%

by Mark Itsibor
2 years ago
in Cover Stories
Share on WhatsAppShare on FacebookShare on XTelegram

 

Advertisement

Intense insecurity that has largely affected the food supply chain in Nigeria has caused a spike in headline inflation to a record 22.41 percent in May 2023 when the nation transitioned to a new administration.

Data from the National Bureau of Statistics (NBS) that was released yesterday showed an increase in headline inflation rate to 22.41 percent relative to April 2023 headline inflation rate which was 22.22 percent.

The rise in the food inflation on year-on-year basis was caused by increases in prices of oil and fat, Yam and other tubers, bread and cereals, fish, potatoes, fruits, meat, vegetable, Spirit.

On a month-on-month basis, the food inflation rate in May 2023 was 2.19 per cent, this was

RELATED

Political Analysts To PDP Leaders: Fix Now Or Allow Crisis Sink Your Party Before 2027

Political Analysts To PDP Leaders: Fix Now Or Allow Crisis Sink Your Party Before 2027

15 hours ago
NCAA Grounds Rano Air After Engine Failure

NCAA Grounds Rano Air After Engine Failure

15 hours ago

0.06% higher compared to the rate recorded in April 2023 (2.13 per cent).

The data by statistics bureau showed that in May 2023 inflation rate recorded an increase of 0.19 percent 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 (17.71 per cent).

What that means is 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 (i.e., May 2022).

Likewise, on a month-on-month basis, the headline inflation rate in May 2023 was 1.94 percent, which was 0.03 percent higher than the rate recorded in April 2023 (1.91 percent).

This means that in the month of May 2023, on the average, the general price level was 0.03 percent higher relative to April 2023.

The NBS latest data showed a percentage change in the average CPI for the twelve months period ending May 2023 over the average of the consumer price index for the previous 12 months period was 21.20 percent, showing 4.75 per cent increase compared to 16.45 per cent recorded in May 2022.

On a year-on-year basis, in the month of May 2023, the Urban inflation rate was 23.74 percent, this was 5.50 per cent point higher compared to the 18.24 per cent recorded in May 2022.

On a month-on-month basis, the Urban inflation rate was 2.09 per cent in May 2023, this was 0.05 per cent points higher compared to April 2023 (2.05 per cent). The corresponding twelve-month average for the Urban inflation rate was 21.95 per cent in May 2023. This was 4.95 per cent points higher compared to the 17.00 percent reported in May 2022.

Also, rural inflation rate in May 2023 was 21.19 per cent on a year-on-year basis; this was 3.98 percent higher compared to the 17.21 per cent recorded in May 2022. On a month-on-month basis, the Rural inflation rate in May 2023 was 1.80 per cent, up slightly by 0.02 per cent points compared to April 2023 (1.78 per cent).

The corresponding twelve-months average for the Rural inflation rate in May 2023 was 20.50 per cent. This was 4.59 per cent higher compared to the 15.91 per cent recorded in May 2022.

The food inflation rate in May 2023 was 24.82 percent on a year-on-year basis; which was 5.33 per cent points higher compared to the rate recorded in May 2022 (19.50 per cent).

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

 


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

BREAKING NEWS: Nigerians can now earn US Dollars from the comfort of their homes with Ultra-Premium domains, acquire them for as low as $1700 and profit as much as $25,000. Click here to learn how you can earn US Dollars consistently.


SendShareTweetShare
Previous Post

Reps: Wike Floors Atiku As Chinda Emerges Minority Leader

Next Post

Subsidy: NEC Considers N702bn For Civil Servants’ Allowances

Mark Itsibor

Mark Itsibor

Mark Itsibor is a journalist and communication specialist with 10 years of experience, He is currently Chief Correspondent at LEADERSHIP Media Group and writes on Finance, Economy, Politics, Crime, and Judiciary. He has a B.Sc in Political Science, Post Graduate Diploma in Journalism (Print), and B.A in Development Communication. His Twitter handle is @Itsibor_M

You May Like

Political Analysts To PDP Leaders: Fix Now Or Allow Crisis Sink Your Party Before 2027
Cover Stories

Political Analysts To PDP Leaders: Fix Now Or Allow Crisis Sink Your Party Before 2027

2025/07/01
NCAA Grounds Rano Air After Engine Failure
Cover Stories

NCAA Grounds Rano Air After Engine Failure

2025/07/01
When 2015 Returns In 2023
Cover Stories

2027: Coalition Woos Ex-President Jonathan

2025/07/01
Ganduje: Kwankwaso’s Supporters Plot Next Move
Cover Stories

Ganduje: Kwankwaso’s Supporters Plot Next Move

2025/06/30
Eid-El-Fitr: PDP Seeks Continuous Prayers For National Growth
Cover Stories

Ahead Of NEC Meeting, PDP Rift Over Anyanwu’s Return Deepens

2025/06/30
DMO To Raise N459bn In Bonds
Cover Stories

N149.39tn Debt: Sustainability Risks Loom As States’ Liability Surges

2025/06/30
Leadership Conference advertisement

LATEST

‘Buhari Left Office Broke But With Integrity Intact’, Says Spokesman Garba Shehu

YPP Elects Madaki, 10 Other Flagbearers For 2026 AMAC Chairmanship, Councillorship Polls

JUST-IN: Atiku, Mark, Lamido, Others In Closed-door Meeting

Reps Probe Nigeria’s €1.2m Debt To OACP

Akume’s Rumoured Resignation Plot To Incite Religious Tension, Says Northern CAN

2027: APC Vows To Recapture Oyo

FACT CHECK: Bandits Did Not Kidnap Zamfara Gov’s ‘Brother’

NFF President Gusau Takes Over As WAFU Zone B President

Federal Gov’t Launches $40m ICT Revolution In 10 Varsities

INEC Moves To Clarify Review Of Declaration, Return Of Winners At Elections

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.