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Nigeria’s headline inflation increased for the 17th consecutive time to 33,95 percent in May 2024, up from 33,69 percent in April, according to the latest Consumer Price Index and Inflation report released by the National Bureau of Statistics (NBS) .
Year-on-year, the headline inflation rate in May 2024 increased by 11,54 percentage points compared to May 2023, when it stood at 22,41 percent.
Month-on-month, the headline inflation rate for May 2024 was 2,14 percent, slightly lower than the 2,29 per cent recorded in April 2024.
Urban inflation: On a year-on-year basis, in the month of May 2024, the Urban inflation rate was 36,34 percent, this was 12,61 percentage points higher compared to the 23,74 percent recorded in May 2023.
On a month-on-month the urban inflation rate was 2,35 percent in May 2024, this was 0,32 percent lower compared to April 2024 (2,67 percent).
Rural Inflation: The rural inflation rate in May 2024 stood at 31,82 percent year-on-year, marking an increase of 10,63 percent compared to May 2023 when it was 21,19 percent.
On a month-on-month basis, rural inflation in May 2024 was 1,94 percent, slightly higher by 0,02 percent compared to April 2024 (1,92 percent).
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 percent points higher compared to the rate recorded in May 2023 (24,82 per cent).
The month-on-month food inflation rate in May 2024 was 2,28 percent, which also reflects a decrease of 0,22 percent compared to the rate recorded in April 2024 (2,50 percent). – Business Insider Africa
Online Reporter