Nigeria’s annual inflation rate has risen to 22.41 per cent amid increase in food prices, according to the National Bureau of Statistics (NBS).
In its report revealed on Thursday, the NBS explained that the inflation rate had risen from 22.22 per cent in April to 22.41 per cent in May.
The Bureau noted that within a year, the rate had accrued a difference of 4.70 per cent from May 2022, where the inflation was 17.71 per cent, until May 2023.
Items like food and non-alcoholic beverages (11.61 per cent), housing, water, electricity, gas and other fuel (3.75 per cent), clothing & footwear (1.71 per cent), transport (1.46 per cent), among others contributed largely on the divisional level to the increase in the headline.
Also, the report on the food inflation rate showed that food inflation rate quickened from 24.61 per cent in April, to 24.82 per cent in May and on a year-on-year basis, was 5.33 per cent points higher compared to the rate recorded in May 2022 (19.50 per cent).
The…
