According to the National Bureau of Statistics, Nigeria’s annual inflation rose from 22.22% in the previous month, to 22.41% in May.
According to the agency, the largest drivers of inflation were food and nonalcoholic beverages.
The inflation of the prices of food commodities increased to 24.82% in May from 24.61% in April, accounting for the majority of Nigeria’s inflation basket.
The NBS stated that “The rise in the food inflation on a year-on-year basis was caused by increases in prices of oil and fat, yam and other tubers, Bread and cereals, fish, potatoes, fruits, meat, vegetable…,”
According to the central bank, rising energy prices, widespread insecurity in food-producing areas, and exchange rate pressure are all important factors influencing the persistent increase in the price of commodities in the country.
In Africa’s largest economy, inflation which has remained high has been a mitigating factor, draining savings and earnings and pushing the central bank to raise interest rates to their highest level in nearly two decades.
High inflation, slow economic growth, and prevalent insecurity are just a few of the primary difficulties that Nigeria’s new president, Bola Tinubu, faced following his May 29 inauguration.
Tinubu’s priority was to unify the currency rate and eliminate a hefty subsidy. The markets have reacted positively to his ability to provide these inside the first two weeks of his leadership.
