Nigeria’s Bureau of Statistics said on Thursday that annual inflation increased to 22.41% in May from 22.22% the previous month.
According to the statistics, non-alcoholic beverages and food were the main inflation-causing factors.
The greatest economy in Africa has continued to experience excessive inflation, which is depleting savings and wages and has prompted the central bank to raise interest rates to their highest level in almost two decades.
The official naira rate was devalued by more than a third on Wednesday, concluding a dramatic day for the currency when the central bank decided to liberalize foreign exchange trade.
