The National Buereau of Statistics says Nigeria’s inflation rate increased to 33.95 per cent in May 2024.
In its latest report released today June 15, the bureau stated that there was an increase of 0.26% points when compared to the April 2024 headline inflation rate.
The data revealed that on a year-on-year basis, the headline inflation rate was 11.54% points higher compared to the rate recorded in May 2023, which was 22.41%.
This shows that the headline inflation rate (year-on-year basis) increased in the month of May 2024 when compared to May 2023.
On the contrary, on a month-on-month basis, the headline inflation rate in May 2024 was 2.14%, which was 0.15% lower than the rate recorded in April 2024 (2.29%).
This, according to the NBS, means that in the month of May 2024, the rate of increase in the average price level is less than the rate of increase in the average price level in April 2024.
The NBS report also revealed that the Food inflation rate in May 2024…
Source: Linda Ikeji
