The National Bureau of Statistics (NBS) says Nigeria’s inflation rate rose to 33.95 % in May, 2024 from 33.69 % the previous month.

In its consumer price index (CPI) report on Saturday, June 15, NBS said the 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 percent.

“Looking at the movement, the May 2024 headline inflation rate showed an increase of 0.26% points when compared to the April 2024 headline inflation rate. 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%,” the report stated.

The report also shows that on a month-on-month basis, the headline inflation rate in May 2024 was 2.14 %, which was 0.15 % lower than the 2.29 percent rate reported in April 2024. This means that in the month of May, the rate of increase in the average price level is less than the rate of increase in the average price level in April 2024.