JUST IN: Inflation rate increases to 33.95% in May 2024, says NBS
The National Bureau of Statistics (NBS) on Saturday disclosed that headline inflation rate in Nigeria increased to 33.95per cent in May 2024 relative to the April 2024 head line inflation rate which was 33.69per cent.
According to NBS, the movement of inflation rate in May 2024 showed an increase of 0.26percentage points when compared to the April 2024 headline inflation rate.
On a year-on-year basis, the headline inflation rate was 11.54percentage points higher compared to the rate recorded in May 2023, which was 22.41per cent. This shows that the headline inflation rate (year-on-year basis) increased in the month of May 2024 when compared to the same month in the preceding year (i.e., May 2023).
“On the contrary, on a month-on-month basis, the headline inflation rate in May 2024 was 2.14per cent, which was 0.15per cent lower than the rate recorded in April 2024 (2.29per cent).
“This 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 report added.
