LAGOS, Nigeria (VOICE OF NAIJA) –Nigeria’s annual inflation rate increased to 33.95% in May 2024 from 33.69% in April, as reported by the National Bureau of Statistics (NBS).Â
This uptick represents a month-on-month rise of 0.26 percentage points.
In May 2024, Nigeria’s inflation rate was recorded at 33.95 percent, which represents a substantial increase from the rate of 22.41 percent observed in May 2023.
READ ALSO: Nigeria’s Inflation Rises To 33.69% In April – Says NBS
This difference signifies a notable year-on-year rise of 11.54 percentage points in inflationary pressures over the course of the past year.
In May 2024, the NBS reported a month-on-month inflation rate of 2.14 percent, showing a slight decline from April 2024’s 2.29 percent.
This indicates a moderated increase in the average price level compared to the previous month.
Food prices saw a significant acceleration in inflation, reaching 40.66 percent year-on-year in May 2024, which reflects an increase of 15.84 percentage points compared to May 2023, when it stood at 24.82 percent.
This sharp increase underscores ongoing difficulties in making food affordable and accessible across Nigeria.