States with the highest inflation rate for May 2023

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

Month-on-month food inflation

• Rivers State had the highest month-on-month food inflation rate of 3.74% in May 2023.
• Osun and Kogi followed closely behind with rates of 3.44% and 3.38% respectively.
• Sokoto, Kano, and Nasarawa had the slowest month-on-month food inflation rates of 0.45%, 0.61%, and 0.85% respectively.

Year-on-year food inflation

• Ondo had the highest year-on-year food inflation rate of 30.26% in May 2023.
• Kogi and Kwara followed closely behind with rates of 29.8% and 29.52% respectively.
• Sokoto, Taraba, and Kano had the lowest year-on-year food inflation rates of 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 

A rise of 0.19% from April 2023 to May 2023 brought Nigeria’s overall inflation rate to 22.41%. In comparison to May 2022’s inflation rate of 17.71%, the national inflation rate increased by 4.70% annually.

These numbers demonstrate the persistent difficulties Nigeria has in containing inflation, especially in some states. High inflation can lower purchasing power, raise manufacturing costs, and have a negative impact on locals’ quality of life.

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