The National Bureau of Statistics (NBS) has said inflation rose from 22.22% in April 2023 to 22.41% in May 2023.
This was contained in its report titled: “CPI and Inflation Report May 2023.”

The document noted that the increase was by 0.19% compared to the preceding month’s headline inflation rate.

The Bureau said: “In May 2023, the headline inflation rate increased to 22.41% relative to April 2023 headline inflation rate which was 22.22%.”

According to the report, looking at the movement, the May 2023 inflation rate showed an increase of 0.19% points when compared to April 2023 headline inflation rate.

NBS noted that 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%).

The report said 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).
By John Ofikhenua
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