News
Nigeria Inflation Rate Hits Up With Increasing Living Crisis
The annual inflation rate in Nigeria has increased for the fourth time. According to reports, the inflation rate increased to 33.95 for the fourth consecutive time.
The Nigeria Bureau of Statistics reports that the may 2024 figure is 0.26 percent higher than the 33.69 percent recorded in April 2024.
The annual inflation rate for May 2024 also showed an 11.54 percentage point increase compared to the 22.41 per cent recorded in May 2023.
“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),” the NBS said
The bureau also said that the rate of increase in the average price level in May was 2.14 per cent, 0.15 percentage points lower than the 2.29 per cent recorded in April.
