For a consistent period of over two years, Nigeria’s demand-pull inflation has risen again to a record level in the past one month, according to new figure by the nation’s statistics bureau.
The National Bureau of Statistics (NBS) data that was released on Thursday showed that 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.
The NBS data revealed that 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).
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 (i.e. May 2022).