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Nigeria’s Inflation Rate Climbs to 33.95% in May, Says NBS



NBS Report Shows Nigeria's Inflation Skyrockets To 33.20% In March 2024

Nigeria’s headline inflation rate rose to 33.95% in May 2024, representing an increase of 0.26 percentage points from the 33.69% recorded in April, the National Bureau of Statistics (NBS) reported.

This development continues to reflect the economic challenges facing the country, particularly in terms of rising food prices, News About Nigeria reports.

The NBS Consumer Price Index (CPI) report for May also highlighted a significant increase in food inflation, which rose to 40.66%, up from 40.53% in April.

This uptick is attributed to higher prices for staples such as Semovita, Oatflake, Yam flour, Garri, beans, Irish potatoes, yam, palm oil, and various meats including beef, chicken, and pork.

“May’s headline inflation rate showed an increase of 0.26 percentage points compared to April 2024. On a year-on-year basis, the headline inflation rate was 11.54 percentage points higher than the 22.41% recorded in May 2023,” the NBS reported.

The bureau attributed the rise in food inflation to increased prices in several key food categories. The Bread and Cereals class saw price hikes for products like Semovita and oatflake.

Also, the Potatoes, Yam, and Other Tubers class experienced significant increases in the prices of items such as Irish potatoes and yam.

The Oils and Fats category, including palm and vegetable oils, also saw price rises, along with the Fish class (stockfish, mudfish, crayfish) and the Meat class (beef head, chicken, pork head, bush meat).

Kogi State recorded the highest year-on-year food inflation at 46.32%, while Gombe State saw the highest month-on-month rise at 4.88%.

Conversely, the slowest year-on-year food inflation was noted in Adamawa (31.72%), Bauchi (34.35%), and Borno (34.74%).

The report also indicated that the month-on-month headline inflation rate in May 2024 was 2.14%, a slight decrease from April’s 2.29%.

Similarly, the month-on-month food inflation rate dropped to 2.28% from 2.5% in April, due to a slower rate of price increases in items like palm oil, groundnut oil, yam, Irish potatoes, cassava tuber, wine, and coffee products.

The rising inflation rates pose significant concerns for both policymakers and the general populace, as the increased cost of living continues to impact household budgets and economic stability.

The Central Bank of Nigeria (CBN) has been closely monitoring inflation trends and implementing monetary policies aimed at curbing inflationary pressures, but the latest data underscores the ongoing challenges in stabilizing prices.