Nigeria’s inflation hits 33.95% in May 2024

Nigeria’s inflation rate rose to 33.95% in May 2024, up from 33.69% in April, as per the latest CPI report from the National Bureau of Statistics (NBS).

This increase of 0.26%-points marks a steady rise in the cost of living, with year-on-year inflation rates jumping by 11.54%-points from 22.41% in May 2023.

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However, the report highlights that while the month-on-month headline inflation rate in May 2024 was 2.14%, it represented a slight decrease from April’s 2.29%. This suggests a slower rate of price increase compared to the previous month.

This is a developing story…