Nigeria’s inflation rate hits 33.95% in May 

By Seyi Babalola

Nigeria’s headline inflation rate increased for the 17th time in May 2024, to 33.95 percent from 33.69 percent in April.

The National Bureau of Statistics, or NBS, revealed this in its most recent Consumer Price Index and Inflation report, which was released on Saturday.

“Looking at the movement, the May 2024 headline inflation rate showed an increase of 0.26% points when compared to the April 2024 headline inflation rate,” NBS said.

“On a year-on-year basis, the headline inflation rate was 11.54% points higher compared to the rate recorded in May 2023, which was 22.41%.”

This indicates that the headline inflation rate (year-on-year) increased in May 2024 as compared to the same month the previous year (May 2023).

On a monthly basis, the headline inflation rate in May 2024 was 2.14 percent, 0.15 percent lower than the rate in April 2024 (2.29 percent). This suggests that the average price level will increase at a slower rate in May 2024 than it did in April 2024.

This comes as Nigeria’s inflation rate climbed to 40.66 percent in May 2024 from 40.53 percent in April.

The statistics showed that Nigeria’s inflation has continued to rise since the beginning of President Bola Tinubu’s administration in May last year when it stood at 22.41 percent.

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