- There is a 0.26 per cent points increase in May when compared to the April 2024 headline inflation rate which stood at 33.69
Nigeria’s headline inflation has risen to 33.95 per cent in May as citizens continue to grapple with acute cost of living and economic crisis.
The May inflation number makes it the 17th consecutive time the nation’s inflation rate has risen.
There is a 0.26 per cent points increase in May when compared to the April 2024 headline inflation rate which stood at 33.69.
The development is contained in the latest Consumer Price Index and Inflation report released on Saturday by the Bureau of Statistics, NBS.
On a year-on-year basis, the headline inflation rate was 11.54 percentage points higher compared to the rate recorded in May 2023, which was 22.41 per 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 a month-on-month basis, the headline inflation rate in May 2024 was 2.14 per cent, which was 0.15 per cent lower than the rate recorded in April 2024 (2.29 percent). 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.
This comes as Nigeria’s inflation rose further to 40.66 per cent in May 2024 from 40.53 per cent in April.
The figure showed that Nigeria’s inflation continued to jump since the commencement of President Bola Tinubu’s administration in May last year when it stood at 22.41 per cent.
Recall that in April 2024, Nigeria’s inflation rose for the 16th time.
The last time Nigeria’s inflation eased was in December 2022, when it stood at 21.34 per
On Wednesday, the World Bank warned the crippling upward inflationary trend in Nigeria can’t be checked with high interest rate.
The global financial institution warned that the monetary policy tightening by the Central Bank of Nigeria (CBN) will not rein in the galloping inflation that has left the most populous black country grappling with its worst economic crisis in decades.
The World Bank, in its global economic prospects report released on Wednesday, stated that the continuous hike in interest rate is counterproductive and could further hamper Nigeria’s struggling economy.
It said one of the risks of Nigeria’s economic growth is the failure of tightening policies on inflation