National Bureau of Statistics, Nigeria

In May 2023, the headline inflation rate increased to 22.41% relative to April 2023 headline inflation rate which was 22.22%. Looking at the movement, the May 2023 inflation rate showed an increase of 0.19% points 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%). This shows that the headline inflation rate (year-on-year basis) increased in the month of May 2023 when compared to the same month in the preceding year (i.e., May 2022). 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%). This shows that the headline inflation rate (year-on-year basis) increased in the month of May 2023 when compared to the same month in the preceding year (i.e., May 2022).

Selected food price watch data shows how the food prices are moving over the months and which item has higher movement.So it gives idea for food inflation.Selected food price watch data for December 2017 reflected that the average price of 1 dozen of Agric eggs medium size increased year-on-year by 12.40% and month-on-month by 6.76% to N494.43 in December 2017 from N463.11 in November 2017 while the average price of piece of Agric eggs medium size(price of one) increased year-on-year by 4.88% and month-on-month by 1.24% to N41.32 in December 2017 from N40.82 in November 2017.