The National Bureau of Statistics (NBS) has announced that inflation reached a new record high of 22.41% in May due to the soaring costs of food and non-alcoholic beverages.

This figure represents a 0.19% increase from April, when inflation had already hit an 18-year high of 22.22%.

The NBS’s Consumer Price Index for May 2023 revealed that the year-on-year inflation rate rose by 4.70% compared to May 2022.

The average prices of goods also saw a slight increase of 0.03% during May.

Additionally, the NBS reported that the average CPI for the twelve-month period ending in May 2023 was 21.20%, reflecting a 4.75% rise compared to May 2022.

The major contributors to the inflation rate were food and non-alcoholic beverages, accounting for 11.61%.

Other significant contributors included housing, water, electricity, gas, and other fuel (3.75%); clothing and footwear (1.71%); transport (1.46%); and furnishings, household equipment, and maintenance (1.13%).