The National Bureau of Statistics (NBS) has reported that the Consumer Price Index (CPI), which measures the rate of change in prices of goods and commodities, increased to 33.95% in May, compared to 33.69% the previous month. This 0.26% uptick in the headline index is attributed to rising energy, food, and commodity prices.
Year-on-year, inflation was reported to be 11.54% higher compared to 22.41% in May 2023. Conversely, month-on-month, headline inflation declined to 2.14% compared to 2.29% in April.
The report also highlighted that year-on-year food inflation hit 40.66% in May, representing an increase of 15.84% compared to the corresponding period in 2023. The rise in the food index was attributed to increases in prices of various food items, including semovita, oatflake, yam flour prepackage, garri, bean, irish potatoes, yam, water yam, palm oil, vegetable oil, stockfish, mudfish, crayfish, beef head, chicken-live, pork head, and bush meat.
Additionally, core inflation year-on-year rose to 27.04% in May compared to 19.83% in 2023.
The significant increase in inflation, particularly in food prices, underscores the challenges faced by consumers and the broader economic implications. The rising cost of living and the impact on purchasing power are key concerns that require attention and proactive measures to mitigate the effects on households and the overall economy.
The reported increase in inflation, particularly in food prices, highlights the ongoing economic challenges and the need for measures to address the impact on consumers and the broader economy.
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