The National Bureau of Statistics has revealed that Nigeria’s inflation rate surged to 33.95% in May 2024, marking a significant increase from the previous month.
According to the latest Consumer Price Index report, there was a 0.26% rise in the headline inflation rate compared to April, when it stood at 33.69%.
The CPI tracks the average price changes of goods and services essential for daily living. From January to May, the headline inflation rate climbed steadily, starting at 29.90% in January and reaching 33.95% in May, representing a 13.5% increase.
The report highlighted that the inflation rate hit a more than 28-year high in May, driven by soaring food and transport costs.
The report stated, “The headline inflation rate for May 2024 rose to 33.95% from April’s 33.69%. This uptick of 0.26% indicates a noticeable increase in the rate between the two months.
“Year-on-year, May 2024 saw an 11.54% rise in headline inflation compared to May 2023, which stood at 22.41%. This data reveals a substantial increase in inflation between May 2023 and May 2024.
“Conversely, on a month-on-month basis, the inflation rate for May 2024 was 2.14%, slightly lower than April 2024’s 2.29%. This suggests a slower rate of average price level increase in May compared to April.
The report also noted that higher food prices were mainly driven by increases in potatoes, fish, and meat. Food inflation rose to 40.66% in May from 40.3% in April.
“May 2024’s food inflation rate of 40.66% on a yearly basis was significantly higher than May 2023’s 24.82%,” as per the NBS report.