Nigerias Inflation Rate Rises To 3395 In May

Nigeria’s headline inflation rate rose by 0.26 percentage points to 33.95 percent in May from 33.69 percent in April.

The National Bureau of Statistics, NBS, disclosed this today in its Consumer Price Index, CPI, report for May 2024.

NBS also said that the food inflation also increased to 40.66 percent in May from 40.53 percent in April.

This was due to increases in prices of Semovita, Oatflake, Yam flour prepackage, Garri, Bean, etc (which are under Bread and Cereals Class), Irish Potatoes, Yam, Water Yam, etc (under Potatoes, Yam and other Tubers Class), Palm Oil, Vegetable Oil, etc (under Oil and fat), Stockfish, Mudfish, Crayfish, etc (under Fish class), Beef Head, Chicken-live, Pork Head, Bush Meat, etc (under Meat class).

According to the bureau, Kogi State had the highest rise in food inflation year-on-year, YoY, with 46.32 percent while Gombe State had the highest MoM rise with 4.88 percent.

NBS said: “In May 2024, the headline inflation rate increased to 33.95 percent relative to the April 2024 headline inflation rate which was 33.69 percent.

“Looking at the movement, the May 2024 headline inflation rate showed an increase of 0.26 percent points when compared to the April 2024 headline inflation rate.vanguard