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Nigeria Inflation May 2023

Nigeria: Inflation increases again in May

Inflation ticked up to 22.4% in May from April’s 22.2%, moving further above the upper bound of the Central Bank’s 6.0–9.0% target range. Looking at the details of the release, May’s acceleration was driven by stronger price pressures for food—which make up the bulk of the inflation basket—and by a sharper increase in prices for transportation.

Accordingly, the trend pointed up, with annual average inflation rising to 21.2% in May, up from April’s 20.8%. Meanwhile, core inflation held steady at April’s 20.1% in May.

Lastly, consumer prices rose 1.94% in May, a stronger increase than the prior month’s 1.91%.

Inflation will face upward pressures in the coming months, following the removal of fuel subsidies in May and the devaluation of the naira in June.

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