Nigeria's Inflation Hits 15.93% in May 2023

The National Bureau of Statistics (NBS) reported that Nigeria's inflation rate increased to 15.93% in May, compared to 15.69% in April. The Consumer Price Index (CPI) indicated that while prices continue to rise, the pace of increase has slowed, with headline inflation easing from 2.13% in April to 1.75% in May.

Food inflation was recorded at 16.96% year-on-year in May, down from 24.55% in May 2022, and month-on-month food inflation moderated to 2.98% from 3.63% in April. Core inflation, which excludes volatile agricultural products and energy prices, stood at 16.82% year-on-year in May, compared to 24.92% in the same month last year, with a month-on-month increase of 1.94%, up from 1.03% in April.

Urban inflation was recorded at 16.07% year-on-year, while rural inflation stood at 15.60% in May.