Nigeria’s Inflation Hits 33.95% In May, Rising For 17th Consecutive Month

Nigeria’s headline inflation rate increased for the 17th consecutive time, reaching 33.95 percent in May 2024, up from 33.69 percent in April.

This information was disclosed by the National Bureau of Statistics (NBS) in their latest Consumer Price Index and Inflation report released on Saturday.

The data revealed a 0.26 percentage point rise in the May 2024 headline inflation rate compared to April 2024.

On a year-on-year basis, the headline inflation rate for May 2024 was 11.54 percentage points higher than the 22.41 percent recorded in May 2023. This indicates a significant increase in the inflation rate compared to the same month last year.

Month-on-month analysis showed that the headline inflation rate for May 2024 was 2.14 percent, which is 0.15 percent lower than the 2.29 percent recorded in April 2024. This suggests a slower rate of increase in average prices in May compared to April.

Additionally, Nigeria’s overall inflation climbed to 40.66 percent in May 2024 from 40.53 percent in April. This continued rise in inflation has been observed since the beginning of President Bola Tinubu’s administration in May of the previous year, when it was at 22.41 percent. It is worth noting that April 2024 marked the 16th consecutive rise in Nigeria’s inflation rate.

The last time Nigeria experienced a decrease in inflation was in December 2022, when it stood at 21.34 percent.

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