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Nigeria’s Inflation Climbs to 33.95% in May 2024

Nigeria's Inflation Climbs to 33.95% in May 2024

Nigeria’s inflation rate rose to 33.95% in May 2024, according to the National Bureau of Statistics (NBS). This marks a 0.26% point increase from April 2024.

Compared to May 2023, the year-on-year headline inflation rate jumped by 11.54%, up from 22.41% recorded last year.

On a month-on-month basis, inflation in May 2024 was 2.14%, slightly lower than April 2024’s 2.29%. This indicates a slower increase in average price levels between these two months.

The NBS report highlighted that food inflation surged to 40.66% year-on-year in May 2024, driven by higher prices across various categories such as cereals, tubers, oils, fats, fish, and meats.

The increase in food inflation reflects rising prices for items like semovita, oatflake, yam flour, garri, beans, Irish potatoes, palm oil, vegetable oil, stockfish, mudfish, crayfish, beef, chicken, pork, and bush meat.

“Like the month-on-month headline inflation, the month-on-month Food inflation rate in May 2024 was 2.28%, also shows a decrease of 0.22% compared to the rate recorded in April 2024 (2.50%).

The fall in the Food inflation on a Month-on-Month basis was caused by a fall in the rate of increase in the average prices of Palm Oil, Groundnut Oil (under Oil and Fats Class), Yam, Irish Potatoe, Cassava Tuber (under Potatoes, Yam & Other Tubers Class), Wine, Bournvita, Milo, Nescafe (under Coffee, Tea and Coco Class).

The average annual rate of Food inflation for the twelve months ending May 2024 over the previous twelve-month average was 34.06%, which was 10.41% points increase from the average annual rate of change recorded in May 2023 (23.65%).” the report stated

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