Nigeria’s inflation rises to 33.95%

Nigeria’s headline inflation rate has risen to 33.95 percent in May.

The National Bureau of Statistics (NBS) disclosed this in its latest Consumer Price Index (CPI) released on Saturday in Abuja.

This figure shows an increase of 0.26% points when compared to the general inflation rate in April 2024.

According to the NBS, the headline inflation rate was 11.54% points higher compared to 22.41% recorded in May 2023.

In contrast, headline inflation in May was 2.14%, lower by 0.15% month-on-month compared to 2.29% recorded in April.

This shows that the increase in the average price level in May was smaller than in April.

By: Babajide Okeowo

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