Inflation rose to 22.44% in May – NBS

Nigeria’s inflation rate drops to 15.99%


The National Bureau of Statistics (NBS) has said inflation rose from 22.22% in April 2023 to 22.41% in May 2023.

In its report titled “CPI and Inflation Report May 2023”, NBS noted that inflation increased by 0.19% compared to the preceding month.

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

The NBS noted that year-on-year, the headline inflation rate was 4.70% points higher compared to the rate recorded in May 2022, which was (17.71%).

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