Nigeria’s inflation rate climbed to 33.95% in May 2024, rising from 33.69% in April 2024, as per the latest Consumer Price Index (CPI) report by the National Bureau of Statistics (NBS) released on Saturday.
This 0.26%-point increase indicates a consistent rise in the cost of living, with the year-on-year inflation rate soaring by 11.54%-points from 22.41% in May 2023.
However, the report also notes that the month-on-month headline inflation rate for May 2024 was 2.14%, which is a slight decrease from April’s 2.29%, indicating a slower rate of price increase compared to the previous month.
