DAILY TRUST
Nigeria’s inflation rate rose to 22.41%, according to the recently released Consumer Price Index (CPI) report of the National Bureau of Statistics (NBS).
In the report released on Thursday, inflation marked the fifth consecutive increase in May.
The development comes amid the hike in fuel price as a result of the removal of fuel subsidy.
Food and non-alcoholic beverages (11.61%) contributed the most to pressure, followed by housing water, electricity, gas and other fuel, and clothing and footwear.I
Others are Furnishings & Household Equipment & Maintenance (1.13 percent) Education, (0.88 percent), Health (0.67 percent), Miscellaneous Goods & Services (0.37 percent), Restaurant & Hotels (0.27 percent,) Alcoholic Beverage, Tobacco & Kola (0.24 percent), Recreation & Culture (0.15 percent) and Communication (0.15 percent).
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