Nigeria’s inflation rate surged to 33.95% in May 2024, up from 33.69% in April 2024, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Saturday.
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This increase of 0.26%-points marks a steady rise in the cost of living, with year-on-year inflation rates jumping by 11.54%-points from 22.41% in May 2023.
However, the report highlights that while the month-on-month headline inflation rate in May 2024 was 2.14%, it represented a slight decrease from April’s 2.29%. This suggests a slower rate of price increase compared to the previous month.
