Nigeria’s inflation rate continued its upward climb in May 2024, reaching a staggering 33.95%, according to the National Bureau of Statistics (NBS).
This represents a significant increase of 0.26 percentage points compared to April 2024 and a worrying 11.54 percentage points higher year-on-year compared to May 2023 (22.41%).
However, there is a slight silver lining. While inflation continues to rise on an annual basis, the month-on-month increase showed a small decrease. The May 2024 inflation rate was 2.14%, down 0.15% from April’s figure.
The report noted a concerning trend in food price inflation. Food inflation reached a staggering 40.66% year-on-year in May, driven by increases in essential items like bread, cereals, tubers, vegetable oil, fish, and meat.
This is a significant jump of 15.84 percentage points compared to May 2023.
The Central Bank of Nigeria (CBN) is taking steps to combat inflation. In their May meeting, the Monetary Policy Committee raised the interest rate by 150 basis points, bringing it to 26.25%.
This is the third consecutive interest rate increase this year aimed at curbing inflation.
