By Chinyere Joel-Nwokeoma
Prof. Uche Uwaleke, the President of Capital Market Academics of Nigeria, has advised the Federal Government to initiate more strategies to tackle rising food inflation.
Uwaleke gave the advice in an interview with the News Agency of Nigeria (NAN) on Sunday in Lagos.
He reacted to the May inflation figure.
According to the National Bureau of Statistics (NBS), Nigeria’s headline inflation rate increased to 33.95 per cent in May.
The NBS made this known in its Consumer Price Index and Inflation Report for May, which was released on Saturday.
The figure is 0.26 per cent points higher than the 33.69 per cent recorded in April.
The NBS said that on a year-on-year basis, the headline inflation rate in May 2024 was 11.54 per cent higher than that of May 2023 which was 22.41 per cent.
The report said the food inflation rate in May 2024 increased to 40.66 per cent on a year-on-year basis, which was 15.84 per cent higher than 24.82 per cent recorded in May…
Source: News Agency of Nigeria
