The National Bureau of Statistics (NBS) says Nigeria’s
inflation rate rose to 33.95 percent in May, as prices of food and
non-alcoholic beverages continued to surge.
NBS made this known in its consumer price index (CPI) report
on Saturday.
In April, the inflation rate stood at 33.69 percent.
“Looking at the movement, the May 2024 headline inflation rate showed an increase of 0.26% points when compared to the April 2024 headline inflation rate,” NBS said.
The report also shows that on a month-on-month basis, the
headline inflation rate in May 2024 was 2.14 percent, which was 0.15 percent
lower than the 2.29 percent rate reported in April 2024.
This means that in the month of May, the rate of increase in
the average price level is less than the rate of increase in the average price
level in April 2024.
An analysis of the top five headline inflation drivers showed food and non-alcoholic beverages led with 17.59 percent.
Following closely are housing, water, electricity, gas and other fuels with 5.68 percent.
Others are clothing and footwear at 2.60 percent, transport
at 2.21 percent, with furnishings, household equipment and maintenance
completing the list at 1.71 percent.
NBS said on a year-on-year basis, the urban inflation rate
rose to 36.34 percent in May, “which was 12.61% points higher compared to the
23.74% recorded in May 2023”.
“On a month-on-month
basis, the Urban inflation rate was 2.35% in May 2024, this was 0.32% points
lower compared to April 2024 (2.67%),” NBS said.
“The Rural inflation rate in May 2024 was 31.82% on a
year-on-year basis; this was 10.63% higher compared to the 21.19% recorded in
May 2023.”
‘YAM, SEMOVITA, GARRI DRIVE FOOD INFLATION RATE UP TO 44.66%’
NBS said food inflation rose to 40.66 percent in May,
compared to the 24.82 percent reported in the same month last year — indicating
an increase of 15.84 percent points.
The bureau said semovita, oatflake, yam flour prepackage,
garri, bean, etc (which are under bread and cereals class), Irish potatoes,
yam, water yam, etc (under potatoes, yam and other tubers class), contributed
to the year-on-year increase in the food inflation rate.
Other contributors are palm oil, vegetable oil, etc (under
oil and fat), stockfish, mudfish, crayfish, etc (under fish class), beef head,
chicken-live, pork head, and bush meat (under meat class).
NBS also said the month-on-month food inflation rate in May
was 2.28 percent, showing a decrease of 0.22 percent compared to the 2.50
percent recorded in April.
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