Nigeria’s headline inflation rose for the 17th time to 33.95 per cent in May from 33.69 per cent in April 2024, marking a notable increase.
Naija News reports that Nigeria’s latest inflation data is a significant indicator of the country’s economic health.
The National Bureau of Statistics (NBS) disclosed the latest record in its latest Consumer Price Index and Inflation report, released on Saturday.
Examining the trend, the inflation rate for May 2024’s leading indicator increased by 0.26 percentage points from the previous month’s rate.
Looking at the change over the year, the leading indicator inflation rate climbed by 11.54 percentage points from May 2023’s rate of 22.41 per cent.
This indicates that the leading indicator inflation rate rose in May 2024 compared to the same period in the previous year (May 2023).
Regarding the change from one month to the next, the leading indicator inflation rate in May 2024 was 2.14 per cent, which was 0.15 percentage points lower than the rate in April 2024 (2.29 per cent).
This suggests that the pace of increase in the average price level was slower in May 2024 compared to April 2024.
This development is seen in Nigeria’s inflation, which surged to 40.66 per cent in May 2024 from 40.53 per cent in April.
The information highlights a worrying pattern in Nigeria’s inflation, steadily climbing since President Bola Tinubu took office in May last year.
It began at 22.41 per cent and escalated to 40.66 per cent by May 2024.
It’s worth mentioning that the last time Nigeria’s inflation showed any indication of stabilizing was in December 2022, when it was at 21.34 per cent.
This background information emphasizes the current inflation situation in the country.
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