Once again, Nigeria’s inflation rate rose to 33.95 percent in May 2024 according to the latest data from the National Bureau of Statistics.
This represents a 0.26 percent monthly increase in the headline inflation rate from the 33.69 percent recorded in April, the National Bureau of Statistics said in its Consumer Price Index report released on Saturday.
The CPI measures the average change over time in the prices of goods and services that people consume in their daily lives. Between January and May, the headline inflation rate rose, from 29.90 percent in January to 33.95 percent in May, representing an increase of 13.5 percent.
The report added that the inflation rate rose to its highest level in more than 28 years in May due to rising food and transportation prices.
The report stated: “In May 2024, the headline inflation rate rose to 33.95% compared to the headline inflation rate in April 2024, which reached 33.69%. Looking at the movement, the headline inflation rate for May 2024 showed an increase of 0.26 percent compared to the headline inflation rate for April 2024.
“On an annual basis, the headline inflation rate was 11.54 percentage points higher compared to the rate recorded in May 2023, which was 22.41 percent. This shows that the headline inflation rate (on an annual basis) rose in May 2024 compared to the same month of the previous year ( That is, May 2023).
“On the contrary, on a monthly 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 May 2024, the rate of increase in the average price level will be less than the rate of increase in the average price level in April 2024.
Potatoes, fish and meat also contributed to the rise in food prices. Food inflation accelerated to 40.66 percent in May from 40.3 percent in April.
“The food inflation rate in May 2024 was 40.66 percent year-on-year, which was 15.84 percent higher than the rate recorded in May 2023 (24.82 percent),” the National Bureau of Statistics report said.
In recent years, food prices have risen across Nigeria. The situation deteriorated due to the impact of government policies, such as removing subsidies on gasoline and others.
The upward trend in the prices of these basic items and other products has weakened the purchasing power of many citizens, making it difficult for many families in the country to afford daily meals.
Details later…