INFLATION SURGED TO 33.95% IN MAY, SAYS NBS

According to the latest data from the National Bureau of Statistics (NBS), Nigeria’s inflation rate increased to 33.95 per cent for the month of May 2024.

This represents a month-over-month increase of 0.26 per cent points in the headline inflation rate from 33.69 per cent recorded in April, the NBS stated in the Consumer Price Index report released on Saturday.

The report added that the inflation rate ascended to a more than 28-year high in May on higher food and transport prices.

Furthermore, potatoes, fish, and meat contributed to higher food prices. Food inflation quickened to 40.66 per cent in May from 40.3 per cent in April.

“The Food inflation rate in May 2024, was 40.66 per cent on a year-on-year basis, which was 15.84 per cent points higher compared to the rate recorded in May 2023 (24.82 percent),” the NBS report read.

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