Nigeria’s Annual Inflation Rate Rises to 33.95% in 2024
Nigeria’s annual inflation rate surged to 33.95% in May 2024, up from 33.69% in April, according to the National Bureau of Statistics (NBS). This increase represents a month-on-month rise of 0.26 percentage points, reflecting ongoing inflationary pressures within the economy.
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Comparatively, the inflation rate stood at 22.41% in May 2023. The current figure thus signifies a significant year-on-year jump of 11.54 percentage points, underscoring a notable escalation in inflation over the past year.
On a month-on-month basis, inflation for May 2024 was reported at 2.14%, slightly down from the 2.29% recorded in April 2024. This suggests a moderated pace of increase in the average price level compared to the previous month.
Food prices saw a particularly sharp increase, with the food inflation rate accelerating to 40.66% year-on-year in May 2024. This marks a significant rise of 15.84 percentage points from May 2023, when the rate was 24.82%. The steep climb in food inflation highlights persistent challenges in food affordability and accessibility across Nigeria.
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The rising inflation figures paint a concerning picture of the economic landscape, emphasizing the urgent need for measures to address the inflationary pressures affecting the Nigerian populace.
