June 16, 2023.Thank you for reading this post, don't forget to subscribe!
Report published by the National Bureau of Statistics revealed that the headline inflation rate in May 2023, increased to 22.41%, relative to April 2023 headline inflation rate which was 22.22%.
Looking at the movement, the May 2023 inflation rate showed an increase of 0.19% points when compared to April 2023 headline inflation rate.
Similarly, on a year-on-year basis, the headline inflation rate was 4.70% points higher compared to the rate recorded in May 2022, which was (17.71%). This shows that the headline inflation rate (year-on-year basis) increased in the month of May 2023 when compared to the same month in the preceding year (May 2022). (www.naija247news.com).