Nigeria’s headline inflation rate increased to 22.41 per cent in May 2023, relative to April 2023 headline inflation rate which was 22.22 per cent.
According to the National Bureau of Statistics in its CPI and Inflation Report May 2023, it represents a 0.19% point 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%).
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