The National Bureau of Statistics (NBS) has reported that Nigeria’s headline inflation rate in May 2024 increased to 33.95% relative to the April 2024 headline inflation rate which was 33.69%.
Looking at the movement, the May 2024 headline inflation rate showed an increase of 0.26% points when compared to the April 2024 headline inflation rate.
On a year-on-year basis, the headline inflation rate was 11.54% points higher compared to the rate recorded in May 2023, which was 22.41%. 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).
On the contrary, on a month-on-month basis, the headline inflation rate in May 2024 was 2.14%, which was 0.15% lower than the rate recorded in April 2024 (2.29%). This means that in the month of May 2024, the rate of increase in the average price level is less than the rate of increase in the average price level in April 2024.