Nigeria’s Headline Inflation Rises To 33.95 In May

According to the National Bureau of Statistics, in May 2024, Nigeria’s inflation rate rose to 33.95 percent.

According to the Bureau’s most recent data, which was made public today, June 15, there has been a 0.26% point increase in comparison to the headline inflation rate for April 2024.

Based on annual comparisons, the headline inflation rate was 11.54% points higher in May 2023 than it was in May 2023 (22.41%), according to the data.

This demonstrates that, in May 2024, the headline inflation rate increased (year over year) in comparison to May 2023.

In contrast, the headline inflation rate for May 2024 was 2.14% on a month-over-month basis, which was 0.15% less than the rate for April 2024 (2.29%).

This indicates, according to the NBS, that the average price level increased at a slower rate in May 2024 than it did in April 2024.

Additionally, the NBS study showed that, on an annual basis, the food inflation rate in May 2024 was 40.66%, 15.84% higher than the rate in May 2023 (24.82%).

It further stated that price increases for the following items were the reason behind the annual rise in food inflation: Beef Head, Chicken-live, Pork Head, Bush Meat, etc. (under Meat class), Irish Potatoes, Yam, Water Yam, etc. (under Potatoes, Yam and other Tubers Class), Vegetable Oil, Palm Oil, etc. (under Oil and fat), Stockfish, Mudfish, Crayfish, etc. (under Fish class), and others.

“Like the month-on-month headline inflation, the month-on-month Food inflation rate in May 2024 was 2.28%, also shows a decrease of 0.22% compared to the rate recorded in April 2024 (2.50%).

“The fall in the Food inflation on a Month-on-Month basis was caused by a fall in the rate of increase in the average prices of Palm Oil, Groundnut Oil (under Oil and Fats Class), Yam, Irish Potatoe, Cassava Tuber (under Potatoes, Yam & Other Tubers Class), Wine, Bournvita, Milo, Nescafe (under Coffee, Tea and Coco Class).

“The average annual rate of Food inflation for the twelve months ending May 2024 over the previous twelve-month average was 34.06%, which was 10.41% points increase from the average annual rate of change recorded in May 2023 (23.65%).” the report stated.

A Gentle Reminder: Every obstacle is a stepping stone, every morning; a chance to go again, and those little steps take you closer to your dream.

Nnamdi Okoli