15th June, 2024
By Kazeem Ugbodaga
Nigeria’s inflation slightly rose to 33.95 percent in the month of May as prices of goods and services skyrocketed, according to the National Bureau of Statistics, NBS.
The rise represents 0.26 percent increase when compared to the April 2024 headline inflation rate, which is 33.69 percent.
According to the NBS, In May 2024, the headline inflation rate increased to 33.95% relative to the April 2024 head line inflation rate which was 33.69%.
“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%.
“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),” the NBS said.
The NBS added that 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 bureau explained.
According to the NBS, the percentage change in the average CPI for the twelve months ending May 2024 over the
average of the CPI for the previous twelve-month period was 29.06%, showing a 7.86% increase compared to 21.20% recorded in May 2023.
Also, the bureau reports 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, adding that on a month-on month basis, the Urban inflation rate was 2.35% in May 2024, which was 0.32% points lower compared to April 2024 (2.67%).
“The corresponding twelve-month average for the Urban inflation rate was 31.07% in May 2024, which was 9.12% points higher compared to the 21.95% reported in May 2023.
The NBS further said the rural inflation rate in May 2024 was 31.82% on a year-on-year basis; which 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,” the Bureau added.