Nigeria’s inflation rises to 33.95% in May

Nigeria’s inflation rate surged to 33.95% in May 2024, up from 33.69% in April 2024, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Saturday.

This increase of 0.26%-points marks a steady rise in the cost of living, with year-on-year inflation rates jumping by 11.54%-points from 22.41% in May 2023.

However, the report highlights that while the month-on-month headline inflation rate in May 2024 was 2.14%, it represented a slight decrease from April’s 2.29%. This suggests a slower rate of price increase compared to the previous month.

Price pressures have been spurred by Tinubu’s reforms, chiefly slashing petrol and electricity subsidies and devaluing the naira currency twice within a year.