Business

Subsidy Removal: Inflation Hits 22.41%

The inflation rate in Nigeria experienced an upward trend in May 2023, reaching 22.41 percent, compared to 22.22 percent in April 2023. This information comes from the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Thursday. The CPI is used to measure changes in the prices of goods and services.

According to the report, the May 2023 inflation rate showed a 0.19% point increase when compared to the headline inflation rate in April 2023. On a year-on-year basis, the headline inflation rate in May 2023 was 4.70% points higher than the rate recorded in May 2022, which was 17.71%.

In simpler terms, this means that the inflation rate in May 2023 increased compared to the same month in the previous year. Additionally, on a month-on-month basis, the inflation rate in May 2023 was 1.94%, which was 0.03% higher than the rate in April 2023 (1.91%).

To summarize, the general price level in May 2023 was, on average, 0.03% higher than in April 2023, according to the NBS. The report also revealed that the average CPI for the twelve-month period ending in May 2023 increased by 4.75% compared to May 2022, reaching a percentage change of 21.20% over the previous twelve months’ average CPI of 16.45%.

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