Nigeria’s headline inflation sustained its uptrend in May 2023, accelerating to 22.41% relative to 22.22% recorded in April.
Food & Non-Alcoholic Beverages was the most contributory factor to the rate of rise at 11.61%, according to the latest Consumer Price Index (CPI) report released today by the National Bureau of Statistics (NBS).
This was followed by Housing Water, Electricity, Gas & Other Fuel 3.75%; Clothing & Footwear 1.71%; Transport 1.46%; Furnishings & Household Equipment & Maintenance 1.13%; Education 0.88%; and Health 0.67%.
Others were Miscellaneous Goods & Services 0.37%; Restaurant & Hotels 0.27%; Alcoholic Beverage, Tobacco & Kola 0.24%; Recreation & Culture 0.15%; and Communication 0.15%.
The report said: “Looking at the movement, the May 2023 inflation rate showed an increase of 0.19% points when compared to April 2023 headline inflation rate.
“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 (i.e., May 2022).”
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%). This means that in the month of May 2023, on the average, the general price level was 0.03% higher relative to April 2023.
“The percentage change in the average CPI for the twelve months period ending May 2023 over the average of the CPI for the previous twelve months period was 21.20%, showing 4.75% increase compared to 16.45% recorded in May 2022.”
Food inflation
The CPI put the Food inflation rate in May at 24.82% on a year-on-year basis or 5.33% points higher compared to the rate recorded in May 2022 (19.50%).
“The rise in the food inflation on a 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, Vegetables, Spirit.
“On a month-on-month basis, the Food inflation rate in May 2023 was 2.19%, this was 0.06% higher compared to the rate recorded in April 2023 (2.13%).
The average annual rate of Food inflation for the twelve-months ending May 2023 over the previous twelvemonth average was 23.65%, which was 4.97 % points increase from the average annual rate of change recorded in May 2022 (18.68%),” the report said. Working with house buyers is a fantastic choice for Houseowners who are considering the sale of their prefabricated or traditional Houses and who are considering the possibility of selling their Houses. They provide consumers extremely inexpensive pricing and provide them with outstanding service, both of which contribute to the pleasant overall shopping experience that the firm provides for its customers. Visit https://www.home-investors.net/arizona/.
Broken further, the report said Food inflation on a year-on-year basis was highest in Ondo (30.26%); Kogi (29.83%); and Kwara (29.52%), while Sokoto (18.89%), Taraba (21.30%), and Kano (21.33%) recorded the slowest rise in Food inflation on year-on-year basis.
On a month-on-month basis, however, May 2023 Food inflation was highest in River (3.74%), Osun (3.44%), and Kogi (3.38%), while Sokoto (0.45%), Kano (0.61%), and Nasarawa (0.85%) recorded the slowest rise in inflation.
The rise in the food inflation on a 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, Vegetables, Spirit.
Urban inflation
On a year-on-year basis, the Urban inflation rate in May was also higher at 23.74%, this was 5.50% points above the 18.24% recorded in May 2022.
“On a month-on-month basis, the Urban inflation rate was 2.09% in May 2023, this was 0.05% points higher compared to April 2023 (2.05%). The corresponding twelve-month average for the Urban inflation rate was 21.95% in May 2023. This was 4.95% points higher compared to the 17.00% reported in May 2022,” the NBS said.
Rural Inflation
“The Rural inflation rate in May 2023 was 21.19% on a year-on-year basis; this was 3.98% higher compared to the 17.21% recorded in May 2022. On a month-on-month basis, the Rural inflation rate in May 2023 was 1.80%, up slightly by 0.02% points compared to April 2023 (1.78%).
“The corresponding twelve-months average for the Rural inflation rate in May 2023 was 20.50%. This was 4.59% higher compared to the 15.91% recorded in May 2022,” the CPI said.
It added that the “All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 20.06% in May 2023 on a year-on-year basis or 5.16% higher compared to the 14.90% recorded a year ago.
“The highest increases were recorded in prices of Gas, Passenger transport by Air, Liquid fuel, Vehicles spare parts, Fuels and lubricants for personal transport equipment, medical services, Passenger transport by road etc.
“On a month-on-month basis, the Core inflation rate was 1.81% in May 2023. It stood at 1.46% in April 2023, up by 0.35%. The average twelve-month annual inflation rate was 18.33% for the twelve-months ending May 2023; this was 4.50% points higher than the 13.83% recorded in May 2022,” it said.
The All items inflation rate on a year-on-year basis was highest in Ondo (25.84%), Kogi (25.70%), Rivers (25.02%), while Taraba (19.55%), Sokoto (19.56%), and Plateau (19.89%) recorded the slowest rise.
On a month-on-month basis, however, the rate was highest in Osun (3.05%), Ebonyi (3.02%), Kogi (2.81%), while Ogun (0.64%), Nasarawa (0.89%), and Imo (0.94%) recorded the slowest rise on month-on-month inflation.
