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Nigeria’s inflation rises to 33.95%

Headline Inflation in Nigeria has risen to 33.95 per cent in May 2024 from 33.69 per cent in April.

It was disclosed by the National Bureau of Statistics (NBS) in its latest Consumer Price Index and Inflation report released on Saturday.

According to the report, the May 2024 headline inflation rate showed an increase of 0.26 per cent points when compared to the April 2024 headline inflation rate.

Year-on-Year Basis:

The headline inflation rate for May 2024 showed a significant increase of 11.54 percentage points compared to May 2023, which had a rate of 22.41%. This indicates a notable rise in the headline inflation rate for May 2024 compared to the same month in the previous year.

Month-on-Month Basis:

In May 2024, the headline inflation rate was 2.14%, which is 0.15% lower than the rate of 2.29% recorded in April 2024. This means the rate at which average prices increased in May 2024 was slower than in April 2024.

This is sequel to a rise in Nigeria’s inflation to 40.66 per cent in May 2024 from 40.53 per cent in April.

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