Nigeria’s annual inflation rate rose to 33.95 percent in May, marking the fourth consecutive month of increases, as citizens grapple with the high cost of food and goods.
The National Bureau of Statistics released the latest Consumer Price Index report, on Saturday which showed that Nigeria’s inflation rate increased to 33.95% in May 2024 from 33.69% in April 2024.
In addition, the annual inflation rate for May increased by 11.54 per cent over May 2023’s recorded figure of 22.41 percent.
“This shows that the headline inflation rate (year-on-year basis) increased in the month of May 2024 when compared to the same month in the preceding year (i.e., May 2023),” the NBS said.
According to NBS, the average price level increased at a rate of 2.14 percent in May, which was 0.15 percentage points less than the 2.29 percent rate in April.
The food inflation rate in May surged to 40.66 per cent, representing a 15.84 per cent higher than that of May 2023’s rate of 24.82 per cent.
Nigerian food prices have continued to rise recently as a result of farmers leaving their land owing to insecurity in several agricultural areas, including Benue, Plateau, and Kaduna.
The situation was exacerbated by the recent floating of the naira and the fuel subsidy removal.
