The Consumer Price Index (CPI) which measures the rate of change in prices of commodities increased to 22.41 per cent in May compared to 22.22 per cent in the preceding month, the National Bureau of Statistics (NBS) said Thursday.

The headline rate showed an increase of 0.19 per cent when compared to the preceding month, according to the Statistician-General of the Federation/Chief Executive, NBS, Prince Semiu Adeniran.

Year-on-year, the headline inflation stood at 4.70 per cent higher compared to 17.71 per cent recorded in May 2022.

Food inflation increased to 24.82 per cent year on year which was 5.33 per cent higher compared to 19.50 per cent in May 2022.

The rise in food inflation on a year-on-year basis was attributed to increases in prices of oil and fat, yam and other tubers, bread and cereals, fish, potatoes, fruits, meat, vegetable, and spirits.

Month-on-month, however, the food index stood at 2.19 per cent, which was 0.06 per cent higher compared to 2.13 per cent in April.

On the other hand, all items less farm produce inflation otherwise known as core inflation, which excludes the prices of volatile agricultural produce increased to 20.06 per cent year on year in May, representing an increase of 5.16 per cent when compared to 14.90 per cent in May 2022.

According to Adeniran, the core index was influenced by the highest increases in prices of gas, passenger transport by air, liquid fuel, vehicle spare parts, fuels and lubricants for personal transport equipment, medical services, and passenger transport by road among others.

Month on month, core inflation rose to 1.81 per cent in May compared to 1.46 per cent in April.