James Emejo in Abuja
The Consumer Price Index (CPI) which measures the rate of change in prices of goods and commodities further increased to 33.95 per cent in May compared to 33.69 per cent the previous month, the National Bureau of Statistics (NBS) said Saturday.
The NBS attributed the 0.26 per cent uptick in the headline index to rising energy, food and commodity prices.
According to the CPI report for May, year-on-year, inflation was 11.54 per cent higher compared to 22.41 per cent in May 2023.
Conversely, month-on- month, headline inflation declined to 2.14 per cent compared to 2.29 per cent in April.
Year on year, food inflation hit 40.66 per cent in May, which was an increase of 15.84 per cent compared to 24.82 per cent recorded in the corresponding period of 2023.
On annualised basis, the rise in the food index was attributed to increases in prices of the semovita, oatflake, yam flour prepackage, garri, bean, (under bread and cereals class),…
Source: Thisday Newspaper
