The National Bureau of Statistics (NBS) says Nigeria’s inflation rate rose to 33.95 percent in May, up from 33.69 per cent in April 2024 as prices of food and non-alcoholic beverages continued to surge.
This increase of 0.26 per cent-points marks a steady rise in the cost of living, with year-on-year inflation rates jumping by 11.54 per cent-points from 22.41 per cent in May 2023.
The report read: “In May 2024, the headline inflation rate increased to 33.95 per cent relative to the April 2024 headline inflation rate which was 33.69 per cent. Looking at the movement, the May 2024 headline inflation rate showed an increase of 0.26 per cent points when compared to the April 2024 headline inflation rate.
The major contributing items to headline inflation in May 2024 include Food & Non-Alcoholic Beverages (17.59%), Housing, Water, and Electricity. Gas & Other Fuel (5.68%), and Clothing & Footwear (2.60%).
In May 2024, Nigeria’s food inflation rate reached 40.66 per cent on a year-on-year basis, a significant increase from the 24.82 per cent recorded in May 2023. It is also higher than the 40.53 per cent recorded in April 2024.
The items contributing most to this inflation include Semovita, Oatflake, Yam flour pre-packaged, Garri, Bean, etc (which are under Bread and Cereals Class), Irish Potatoes, Yam, Water Yam, etc (under Potatoes, Yam and other Tubers Class), Palm Oil, Vegetable Oil, etc (under Oil and fat), Stockfish, Mudfish, Crayfish, etc (under Fish class), Beef Head, Chicken-live, Pork Head, Bush Meat, etc (under Meat class).
However, on a month-on-month basis, food inflation in May 2024 was recorded at 2.28 per cent, a decrease from the 2.50 per cent recorded in April 2024.
Core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 27.04 per cent on a year-on-year basis in May 2024, up from 19.83 per cent in May 2023 and 26.84 per cent in April 2024.
The most significant contributors to core inflation included rents, passenger transport, and the cost of medical services.
Urban inflation in Nigeria stood at 36.34 per cent on a year-on-year basis in May 2024, a significant increase from the 23.74 per cent recorded in May 2023 and 36.00 per cent in April 2024. This indicates a sustained rise in the cost of living in urban areas over the past year.
However, on a month-on-month basis, urban inflation was 2.35 per cent in May 2024, down from 2.67 per cent in April 2024.
Rural inflation in May 2024 was recorded at 31.82 per cent on a year-on-year basis, up from 21.19 per cent in May 2023 and 31.64 per cent in April 2024.
Month-on-month, rural inflation was 1.94 per cent in May 2024, slightly higher than the 1.92 per cent recorded in April 2024.
