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Inflation Soars to 22.41%: Ondo, Kogi, and Rivers Lead the Way

According to the latest report from the National Bureau of Statistics, the average prices of goods experienced a significant year-on-year increase in Ondo, Kogi, and Rivers states. This surge contributed to the country’s inflation rate, which reached 22.41% in May.

The ‘Consumer Price Index’ for May 2023 revealed that inflation in these three states surpassed the national average. The National Bureau of Statistics stated, “In May 2023, the highest year-on-year inflation rates for all items were recorded in Ondo (25.84%), Kogi (25.70%), and Rivers (25.02%).”

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On the other hand, Taraba (19.55%), Sokoto (19.56%), and Plateau (19.89%) experienced the slowest rise in headline inflation compared to the national average. Even Lagos, the bustling commercial hub of the country, recorded an inflation rate of 24.33% in May.

The National Bureau of Statistics attributed the spike in inflation to the high cost of food and non-alcoholic beverages, reaching a new 18-year record of 22.41%. This marked a 0.19 percentage point increase from April’s figure, when inflation also hit an 18-year high. Year-on-year inflation increased by 4.70% from May 2022’s 17.71%.

In their CPI report for May 2023, the National Bureau of Statistics stated, “In May 2023, the headline inflation rate rose to 22.41% compared to April 2023, which stood at 22.22%. This represents an increase of 0.19 percentage points month-on-month. Similarly, on a year-on-year basis, the headline inflation rate was 4.70 percentage points higher compared to May 2022’s rate of 17.71%.”

The report further highlighted a 0.03% increase in the average prices of goods in May. Additionally, the percentage change in the average CPI for the twelve-month period ending in May 2023, compared to the previous twelve-month period, stood at 21.20%. This marked a 4.75% increase from May 2022’s figure of 16.45%.


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