Nigeria’s annual inflation rate increased to 33.95% in May, up from 33.69% in April, according to the National Bureau of Statistics (NBS).
This 0.26 percentage point rise marks a significant year-on-year jump, with the rate 11.54 percentage points higher than the 22.41% recorded in May 2023.
The NBS highlighted that this increase signifies a higher inflation rate in May 2024 compared to the same month the previous year.
However, on a month-on-month basis, the headline inflation rate was 2.14% in May, slightly lower than the 2.29% recorded in April, indicating a slower rate of price increases.
Food inflation surged to 40.66% year-on-year in May, a substantial rise of 15.84 percentage points from 24.82% in May 2023, underscoring the growing pressure on household expenses.
