5 months ago
30
Nigeria’s annual inflation rate rose to 33.95 per cent in May from 33.69 per cent in April, the National Bureau of Statistics (NBS) said on Saturday.
The statistics office said the May 2024 headline inflation rate showed an increase of 0.26 per cent points when compared to the April 2024 headline inflation rate.
On a year-on-year basis, the NBS said, the headline inflation rate was 11.54 per cent points higher compared to the rate recorded in May 2023, which was 22.41 per cent.
“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),” it said.
Meanwhile, the bureau said on a month-on-month basis, the headline inflation rate in May was 2.14 per cent, which was 0.15 per cent lower than the rate recorded in April (2.29 per cent).
This, it said, means that in the month of May, the rate of increase in the average price level is less than the rate of increase in the average price level in April.
According to the report, the food inflation rate in May quickened to 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 per cent).
Nigerians need credible journalism. Help us report it.
PREMIUM TIMES delivers fact-based journalism for Nigerians, by Nigerians — and our community of supporters, the readers who donate, make our work possible. Help us bring you and millions of others in-depth, meticulously researched news and information.
It’s essential to acknowledge that news production incurs expenses, and we take pride in never placing our stories behind a prohibitive paywall.
Will you support our newsroom with a modest donation to help maintain our commitment to free, accessible news?
More details later…..
Support PREMIUM TIMES' journalism of integrity and credibility
At Premium Times, we firmly believe in the importance of high-quality journalism. Recognizing that not everyone can afford costly news subscriptions, we are dedicated to delivering meticulously researched, fact-checked news that remains freely accessible to all.
Whether you turn to Premium Times for daily updates, in-depth investigations into pressing national issues, or entertaining trending stories, we value your readership.
It’s essential to acknowledge that news production incurs expenses, and we take pride in never placing our stories behind a prohibitive paywall.
Would you consider supporting us with a modest contribution on a monthly basis to help maintain our commitment to free, accessible news?
TEXT AD: Call Willie - +2348098788999
English (US) ·