Nigeria’s headline inflation rose for the 17th consecutive time, reaching 33.95% in May 2024, up from 33.69% in April, according to the latest Consumer Price Index and Inflation report released by the National Bureau of Statistics (NBS) on Saturday.
This marks a 0.26 percentage point increase from April’s inflation rate. Year-on-year, the headline inflation rate for May 2024 was 11.54 percentage points higher than the 22.41% recorded in May 2023, indicating a significant rise over the past year.
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Month-on-month, the headline inflation rate for May 2024 was 2.14%, slightly lower by 0.15 percentage points compared to April’s rate of 2.29%. This suggests a slower increase in the average price level in May compared to April.
Furthermore, Nigeria’s overall inflation rate surged to 40.66% in May 2024 from 40.53% in April. This continuous increase in inflation has been observed since the start of President Bola Tinubu’s administration in May last year, when the rate was 22.41%. The last time Nigeria saw a decrease in inflation was in December 2022, when it stood at 21.34%.
