Nigeria’s inflation rate climbed to 33.95% in May 2024, continuing its upward trend. Learn why this surge matters.
Nigeria’s inflation rate surged to 33.95% in May 2024, marking the 17th consecutive increase from April’s 33.69%, as reported by the National Bureau of Statistics (NBS). This uptick highlights a 0.26% rise compared to the previous month.
On a year-on-year basis, May 2024’s headline inflation rate was 11.54 percentage points higher than the 22.41% recorded in May 2023. This significant increase underscores the persistent inflationary pressures faced by the country.
Month-on-month, the inflation rate in May 2024 stood at 2.14%, slightly lower by 0.15% compared to April 2024’s rate of 2.29%. This indicates a slower rate of increase in average prices compared to the previous month.
Additionally, Nigeria’s broader inflation rate rose to 40.66% in May 2024 from 40.53% in April, continuing the trend since President Bola Tinubu took office in May 2023, when the rate was 22.41%.
This marks the 17th consecutive month of rising inflation, with the last decline noted in December 2022, when the rate was 21.34%. The persistent rise in inflation reflects ongoing economic challenges and pressures affecting Nigeria’s economy.
