Nigeria’s inflation rate increased from 33.69 percent in April to 33.95 percent in May, a change of 0.26 percentage points. This was revealed today in the National Bureau of Statistics’ (NBS) May 2024 Consumer Price Index (CPI) report.
Additionally, according to NBS, food inflation rose from 40.53 percent in April to 40.66 percent in May. The price increases for items under the categories of Bread and Cereals (Semovita, Oatflake, Yam flour prepackaged, Garri, Bean, etc.), Potatoes (Yam, Water Yam, etc.), Irish Potatoes (Palm Oil, Vegetable Oil, etc.), Fish (Stockfish, Mudfish, Crayfish, etc.), Beef Head, Chicken-live, Pork Head, Bush Meat, etc., and Meat class were the causes of this, Nigeria’s inflation rate.
According to the statistics, Kogi State had the largest year-on-year rise in food inflation, with 46.32 percent, while Gombe State had the highest month-on-month rise, with 4.88 percent. According to the NBS, the headline inflation rate rose to 33.95 percent in May 2024, up from 33.69 percent in April 2024 ( Nigeria’s inflation rate).
“When compared to the April 2024 headline inflation rate, the May 2024 headline inflation rate increased by 0.26 percentage point. “On a year-on-year (YoY) basis, the headline inflation rate was 11.54 percentage points higher than in May 2023, which was 22.41 percent (Nigeria’s inflation rate).
“On the contrary, on a month-on-month basis, the headline inflation rate in May 2024 was 2.14 percent which was 0.15 percentage points lower than the rate recorded in April 2024 (2.29 percent).” On food inflation, the NBS stated: “The food inflation rate in May 2024 was 40.66 percent year on year, which was 15.84 percentage points higher than the rate recorded in May 2023 (24.82 percent).” “Food inflation rose year on year due to price increases in the following:
Items include Semovita, Oatflake, Yam flour prepackage, Garri, Bean, etc. (Bread and Cereals Class), Irish Potatoes, Yam, Water Yam, etc. (Potatoes, Yam and other Tubers Class), Palm Oil, Vegetable Oil, etc. (Oil and Fat Class), Stockfish, Mudfish, Crayfish, etc. (Fish Class), Beef Head, Chicken-live, Pork Head, Bush Meat, etc. (Meat Class). “Like month-on-month headline inflation, the month-on-month food inflation rate in May 2024 was 2.28 percent, down 0.22 percentage points from the rate reported in April 2024 (2.5 percent, Nigeria’s inflation rate).
“The decrease in food inflation on a monthly basis was caused by a decrease in the rate of increase in the average prices of Palm Oil, Groundnut Oil (under Oil and Fats Class), Yam, Irish Potato, Cassava Tuber (under Potatoes, Yam & Other Tubers Class), Wine, Bournvita, Milo, and Nescafe (under Coffee, Tea and Coco Class).
“In May 2024, food inflation on a year-on-year basis was highest in Kogi (46.32 percent), Ekiti (44.94 percent), and Kwara (44.66 percent), while Adamawa (31.72 percent), Bauchi (34.35 percent), and Borno (34.74 percent) saw the slowest rise in food inflation on a year-on-year basis.
Nigeria’s inflation rate
” On a monthly basis Food inflation was highest in Gombe (4.88 percent), Kano (4.68 percent), and Bayelsa (3.62 percent) in May 2024, while Ondo (0.02 percent), Yobe (0.95 percent), and Adamawa (1.02 percent) reported the least rise in food inflation on a month-to-month basis.”
