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HomeBusiness NewsNigeria's Inflation Reaches 22.41% Amid Soaring Food Prices

Nigeria’s Inflation Reaches 22.41% Amid Soaring Food Prices

Inflation in Nigeria continues to surge as the country’s annual inflation rate rose to 22.41% in May, marking a slight increase from 22.22% in the previous month. The National Bureau of Statistics (NBS) released a report on June 15, revealing that the May 2023 inflation rate had risen by 0.19% points compared to April 2023.

On a year-on-year basis, the headline inflation rate showed a significant increase of 4.70% points compared to May 2022 when the rate was recorded at 17.71%. The persistently high inflation rate indicates ongoing challenges for the Nigerian economy.

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The report highlighted that food inflation, a key contributor to the overall inflation rate, accelerated to 24.82% in May, up from 24.61% in April. The rising cost of food has been a major concern for Nigerians, impacting their purchasing power and household budgets.

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The NBS report also outlined the contributions of various items to the acceleration in the headline index. Food and non-alcoholic beverages accounted for 11.61%, followed by housing, water, electricity, gas, and other fuel at 3.75%. Clothing and footwear contributed 1.71%, while transport contributed 1.46%.

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In summary, the report indicated that the general price level in May 2023 was 0.03% higher on average compared to April 2023, further exacerbating the challenges faced by Nigerian consumers and the overall economy. The government and relevant stakeholders will need to implement effective measures to address the underlying causes of inflation and mitigate its impact on the population.

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