- Ondo, Kogi, and Rivers had the highest inflation rates in May 2023, with rates ranging from 25.02% to 25.84%.
- Taraba, Sokoto, and Plateau had the slowest rise in inflation on a year-on-year basis.
- Osun, Ebonyi, and Taraba experienced the highest month-to-month inflation increases, while Ogun, Nasarawa, and Imo had the slowest rise.
- Rivers had the highest increase in food prices for the month, while Sokoto, Kano, and Nasarawa had the slowest rise. Ondo, Kogi, and Kwara had the highest year-on-year food price increases, while Sokoto, Taraba, and Kano had the slowest rise since May 2022.
According to recent data released by the National Bureau of Statistics, three states in Nigeria experienced the highest inflation rates in May 2023. Ondo, Kogi, and Rivers recorded inflation rates of 25.84%, 25.70%, and 25.02% respectively for all items from May 2022 to May 2023.
On the other hand, Taraba (19.55%), Sokoto (19.56%), and Plateau (19.89%) had the slowest rise in headline inflation on a year-on-year basis.
Analyzing the month-to-month inflation rates, Osun, Ebonyi, and Taraba witnessed the highest increases at 3.05%, 3.02%, and 2.81% respectively. Conversely, Ogun (0.64%), Nasarawa (0.89%), and Imo (0.94%) had the slowest rise in month-on-month inflation.
Food inflation according to states
When considering food prices, Rivers State experienced the highest increase for May, with a rise of 3.74%. Following closely behind were Osun and Kogi, which saw increases of 3.44% and 3.38% respectively. Conversely, Sokoto, Kano, and Nasarawa witnessed the slowest increase in food prices during the same period, with rises of 0.45%, 0.61%, and 0.85% respectively.
Examining year-on-year food price increases, Ondo, Kogi, and Kwara ranked at the top of the list, while Sokoto, Taraba, and Kano had the slowest rise in food prices since May 2022.
Specifically, Ondo recorded a year-on-year food inflation of 30.26%, followed by Kogi with 29.8% and 29.52% respectively. In contrast, Sokoto, Taraba, and Kano experienced the lowest year-on-year food inflation rates, which stood at 18.89%, 21.33%, and 21.30% respectively.
Top ten states with the highest inflation rate for May 2023
The ten states with the highest inflation rates overall were Ondo, Kogi, Rivers, Bayelsa, Ebonyi, Lagos, Anambra, Oyo, Delta, and Yobe.
General inflation rate and its impact on Nigerians
Overall, Nigeria’s inflation rate for May 2023 stood at 22.41%- an increase of 0.19% when compared with April 2023. On a year-on-year basis, the increase in inflation nationwide was 4.70% higher when compared to the 17.71% inflation for May 2022.
These figures highlight the ongoing challenges Nigeria faces in controlling inflation, particularly in certain states. High inflation can erode purchasing power, increase production costs, and adversely affect the standard of living for residents.
