Economy and Business

BREAKING: Nigeria’s annual inflation rate rises to 33.95%

Nigeria’s annual inflation rate climbed to 33.95 per cent in May 2024, up from 33.69 per cent recorded in April, according to the National Bureau of Statistics (NBS). This increase marks a rise of 0.26 percentage points month-on-month.

Compared to May 2023, when the inflation rate stood at 22.41 per cent, the current figure reflects a significant year-on-year increase of 11.54 percentage points, illustrating a sharp uptick in inflationary pressures over the past year.

On a month-on-month basis, the NBS reported that inflation for May 2024 was 2.14 per cent, slightly lower than the 2.29 per cent recorded in April 2024.

This indicates a moderated pace of increase in the average price level compared to the previous month.

In terms of food prices, the inflation rate accelerated to 40.66 per cent year-on-year in May 2024, marking an increase of 15.84 percentage points from May 2023, when it was 24.82 per cent.

The sharp rise in food inflation highlights continued challenges in food affordability and accessibility across Nigeria.

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