National Bureau of Statistics (NBS), released Nigeria’s inflation for May, and it rose to 22.41 per cent, the figure holds.

NBS released the Consumer Price Index Report on Thursday.

The NBS report showed that in May 2023, the headline inflation rate increased to 22.41 per cent relative to April 2023’s headline inflation rate, which was 22.22 per cent.

The figure represented an increase of 0.19 per cent points when compared to the April 2023 headline inflation rate.

On a year-on-year basis, the NBS data indicated that the headline inflation rate was 4.70 per cent higher compared to the rate recorded in May 2022 (17.71 per cent).