The National Bureau of Statistics (NBS) has announced that the headline inflation rate for May 2024 increased to 33.95% as against 33.69 recorded in April 2024.
The NBS stated in its monthly report of the Consumer Price Index which measures inflation that the May 2024 headline inflation rate showed an increase of 0.26% points when compared to the April 2024 headline inflation rate.
According to the report, on a year-on-year basis, the headline inflation rate was 11.54% points higher compared to the rate recorded in May 2023, which was 22.41%.
“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 2.14%, which was 0.15% lower than the rate recorded in April 2024 (2.29%). 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 NBS said.
The NBS explained that Food inflation rate in May 2024 was 40.66% on a year-on-year basis, which was 15.84% points higher compared to the rate recorded in May 2023 (24.82%).
It explained that the rise in Food inflation on a year-on-year basis was caused by increases in prices of Semovita, Oatflake, Yam flour prepackage, Garri, Bean among others.
“The fall in the Food inflation on a Month-on-Month basis was caused by a fall in the rate of increase in the average prices of Palm Oil, Groundnut Oil (under Oil and Fats Class), Yam, Irish Potatoe, Cassava Tuber (under Potatoes, Yam & Other Tubers Class), Wine, Bournvita, Milo, Nescafe (under Coffee, Tea and Coco Class)
“The average annual rate of Food inflation for the twelve months ending May 2024 over the previous twelve-month average was 34.06%, which was 10.41% points increase from the average annual rate of change recorded in May 2023 (23.65%),” it said.
On Urban inflation, the NBS said that on a year-on-year basis, in the month of May 2024, the Urban inflation rate was 36.34%, this was 12.61% points higher compared to the 23.74% recorded in May 2023. On a month-on month basis, the Urban inflation rate was 2.35% in May 2024, this was 0.32% points lower compared to April 2024 (2.67%).
It added that Rural inflation rate in May 2024 was 31.82% on a year-on-year basis; this was 10.63% higher compared to the 21.19% recorded in May 2023. On a month-on-month basis, the Rural inflation rate in May 2024 was 1.94%, up by 0.02% points compared to April 2024 (1.92%).
“The corresponding twelve-month average for the Rural inflation rate in May 2024 was 27.27%. This was 6.76% higher compared to the 20.50% recorded in May 2023,” it added
GIK/APA
Nigeria’s inflation rate peaks at 33.95% in May
