By Ngozi Onyeakusi—Nigeria’s inflation rate, rose to 22.41 per cent in May 2023 against April figure  of 22.22 per cent said report from National Bureau of Statistics (NBS).  May 2023 inflation rate showed an increase of 0.19 per cent points when compared to April 2023 headline inflation rate. Similarly, 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). The food inflation rate in May 2023 was 24.82 per cent on a year-on-year basis; which was 5.33 per cent points higher compared to the rate recorded in May 2022 (19.50 per cent). The rise in the food inflation on year-on-year basis was caused by increases in prices of oil and fat, yam and other tubers, bread and cereals, fish, potatoes, fruits, meat, vegetable, spirit.