Nigeria has reported an annual inflation of 22.2%, data released by the national bureau of statistics (NBS) show.
The latest figure is the highest since 2005.
The nbs said the May 2023 inflation rate showed an increase of 0.19 per cent points when compared to April 2023 headline inflation rate.
It noted that on a year-on-year basis, the headline inflation rate was 4.70 per cent points higher compared to the rate recorded in May 2022, which was (17.71 per cent).
“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),” it said.
President Bola Tinubu had, in his inaugural address on 29 May, announced the removal of fuel subsidy.