Nigeria’s annual inflation rate has risen to 22.41 per cent amid increase in food prices, according to the National Bureau of Statistics (NBS). 

In its report revealed on Thursday, the NBS explained that the inflation rate had risen from 22.22 per cent in April to 22.41 per cent in May. 

The Bureau noted that within a year, the rate had accrued a difference of 4.70 per cent from May 2022, where the inflation was 17.71 per cent, until May 2023.

Items like food and non-alcoholic beverages (11.61 per cent), housing, water, electricity, gas and other fuel (3.75 per cent), clothing & footwear (1.71 per cent), transport (1.46 per cent), among others contributed largely on the divisional level to the increase in the headline.

Also, the report on the food inflation rate showed that food inflation rate quickened from 24.61 per cent in April, to 24.82 per cent in May and on a year-on-year basis, was 5.33 per cent points higher compared to the rate recorded in May 2022 (19.50 per cent).

The bureau explained that the increase in prices of food on a year-on-year basis was as a result of increase in prices of oil and fat, bread and cereals, potatoes, yam and other tubers, fish, fruits, meat, vegetables, and spirits.

However, the report added that the core inflation, which excludes the prices of volatile agricultural produce stood at 20.06 per cent in May 2023 on a year-on-year basis; up by 5.16 per cent when compared to the 14.90 per cent recorded in May 2022.

Further stating that the highest increase were recorded in prices of gas, passenger transport by air, liquid fuel, vehicle spare parts, fuels and lubricants for personal transport equipment, medical services, passenger transport by road etc.