NBS Releases 2023 May Record for States With the Highest Inflation Rate

The newly released National Bureau of Statistics data shows that three states in Nigeria had the highest inflation rates in May 2023. From May 2022 to May 2023, Ondo, Kogi, and Rivers had inflation rates of 25.84%, 25.70%, and 25.02% for all goods, respectively. 

Taraba (19.55%), Sokoto (19.56%), and Plateau (19.89%), on the other hand, experienced the least year-on-year increase in headline inflation. 

Month-to-month inflation rates in Osun, Ebonyi, and Taraba were the highest at 3.05%, 3.02%, and 2.81%, respectively. However, Ogun (0.64%), Nasarawa (0.89%), and Imo (0.94%) experienced the least month-on-month inflation increases.

Statistics on Food Inflation in Nigerian States in May 2023

In the NBS record on food prices, Rivers State had the largest increase in May, with a 3.74% increase. While Osun and Kogi followed showing a rise of 3.44% and 3.38%, respectively. Sokoto, Kano, and Nasarawa, on the other hand, saw the smallest increases in food costs during the same period, with increases of 0.45%, 0.61%, and 0.85%, respectively. 

When comparing year-on-year food price rises, Ondo, Kogi, and Kwara placed first, while Sokoto, Taraba, and Kano had the slowest rise since May 2022. 

Ondo had the highest year-on-year food inflation at 30.26%, followed by Kogi at 29.8% and 29.52%, respectively. Sokoto, Taraba, and Kano, on the other hand, had the lowest year-on-year food inflation rates, at 18.89%, 21.33%, and 21.30%, respectively.

Top 10 States With the Highest Inflation Rate in May 2023

The top 10 states with the highest inflation rate for May 2023 are as follows:

1. Ondo

2. Kogi

3. Rivers

4. Bayelsa

5. Ebonyi

6. Lagos

7. Anambra

8. Oyo

9. Delta

10. Yobe 

A Look at the General Inflation Rate Impact on Nigerians

Nigeria's inflation rate for May 2023 was 22.41%, representing a 0.19% increase over April 2023. It also showed that year-on-year, the increase in inflation overall was 4.70% higher than the 17.71% inflation for May 2022. 

These results reflect Nigeria's strength in managing inflation, particularly in certain states. Inflationary pressures can rise buying power, raise manufacturing costs, and lower people's standard of living.