The National Bureau of Statistics (NBS) says Nigeria's headline inflation rate increased to 22.41% in May 2023.
This is according to the NBS Consumer Price Index (CPI) and Inflation Report for May 2023 released in Abuja on Thursday.
According to the report, the figure is 0.19% points higher compared to the 22.22% recorded in April 2023.
It said on a year-on-year basis, the headline inflation rate in May 2023 was 4.70% higher than the rate recorded in May 2022 at 17.71%.
"This shows that the headline inflation rate (year-on-year basis) increased in May 2023 compared to the same period in May 2022."
The report said the contributions of items on the divisional level to the increase in the headline index are food and non-alcoholic beverages at 11.61% and housing, water, electricity, gas and other fuel at 3.75%.
Others include clothing and footwear at 1.71%; transport at 1.46%; furnishings, household equipment and maintenance at 1.13% and education at 0.88%, health at 0.67%.
"Miscellaneous goods and services at 0.37%; restaurant and hotels at 0.27%; alcoholic beverage, tobacco and kola at 0.24%; recreation and culture at 0.15% and communication at 0.15%."
The percentage change in the average CPI for the 12 months ending May 2023 over the average of the CPI for the previous 12 months period was 21.20%.
"This indicates a 4.75% increase compared to the 16.45% recorded in May 2022."
It said increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.
The report said the food inflation rate in May 2023 was 24.82% on a year-on-year basis, which was 5.33% higher compared to the rate recorded in May 2022 at 19.50%.
"The rise in food inflation is caused by increases in prices of bread and cereals, potatoes, yams and other tubers, and oil and fat, fish, vegetable, fruits, meat, and spirits."
It said on a month-on-month basis, the food inflation rate in May was 2.19%, which was a 0.06% rise compared to the rate recorded in April 2023 at 2.13%.
The report said the All items less farm produce, or core inflation, which excludes the prices of volatile agricultural produce, stood at 20.06% in May 2023 on a year-on-year basis.
"This increased by 5.16% compared to 14.90% recorded in May 2022.
"On a month-on-month basis, the core inflation rate was 1.81% in May 2023, which was a 0.37% rise compared to what it stood at in April 2023 at 1.46 per cent."
According to the report, the highest increases were recorded in prices of gas, passenger transport by air, liquid fuel, fuels, lubricants for personal transport equipment, and vehicles spare parts.
"Others are passenger transport by road, medical services among others.
"The average 12-month annual inflation rate was 17.33% for the 12 months ending May 2023, this was 4.50% points higher than the 13.83% recorded in May 2022."
The inflation report covers the final month of the administration of President Muhammadu Buhari who left office on May 29, 2023. The inflation rate for May 29, 2015, when he assumed office, was 9%.