Nigeria’s annual inflation rate rose to 33.95% in May from 33.69% in April, the National Bureau of Statistics (NBS) revealed on Saturday.
The statistics office said the May 2024 headline inflation rate showed an increase of 0.26% points when compared to the April 2024 headline inflation rate.
On a year-on-year basis, the NBS reported that the headline inflation rate was 11.54% points higher compared to the rate recorded in May 2023, which was 22.41%.
“This shows that the headline inflation rate (year-on-year basis) increased in May 2024 when compared to the same month in the preceding year (i.e., May 2023),” it said.
Meanwhile, the bureau said on a month-on-month basis, the headline inflation rate in May was 2.14%, which was 0.15% lower than the rate recorded in April (2.29%).
This, the report noted, means that in May, the rate of increase in the average price level was less than the rate of increase in the average price level in April.
According to the report, the food inflation rate in May quickened to 40.66% on a year-on-year basis, which was 15.84% points higher compared to the rate recorded in May 2023 (24.82%).
