Nigeria’s headline inflation rate increased to 33.95 percent in May 2024, up from 33.69 percent in April, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS).
The report highlighted the continuing upward trend in both headline and food inflation rates, driven by significant price increases in various essential commodities.
In its statement, the NBS detailed the rise in food inflation, which reached 40.66 percent in May, compared to 40.53 percent in April.
The bureau attributed this increase to the higher costs of staples such as Semovita, Oatflake, Yam flour, Garri, Beans, Irish Potatoes, Yam, Water Yam, Palm Oil, Vegetable Oil, Stockfish, Mudfish, Crayfish, Beef Head, Chicken, Pork Head, and Bush Meat.
The NBS explained, “In May 2024, the headline inflation rate increased to 33.95 percent relative to the April 2024 headline inflation rate which was 33.69 percent.
Looking at the movement, the May 2024 headline inflation rate showed an increase of 0.26 percent points when compared to the April 2024 headline inflation rate.”
On a year-on-year (YoY) basis, the headline inflation rate in May 2024 was 11.54 percentage points higher than the rate recorded in May 2023, which stood at 22.41 percent.
However, on a month-on-month basis, the headline inflation rate in May 2024 was 2.14 percent, showing a decrease of 0.15 percentage points compared to the rate in April 2024, which was 2.29 percent.
Regarding food inflation, the NBS noted, “The Food inflation rate in May 2024 was 40.66 percent on a year-on-year basis, which was 15.84 percentage points higher compared to the rate recorded in May 2023 (24.82 percent).
The rise in food inflation on a year-on-year basis was caused by increases in prices of items such as Semovita, Oatflake, Yam flour, Garri, Beans, Irish Potatoes, Yam, Water Yam, Palm Oil, Vegetable Oil, Stockfish, Mudfish, Crayfish, Beef Head, Chicken, Pork Head, and Bush Meat.”
On a month-on-month basis, the food inflation rate in May 2024 was 2.28 percent, showing a decrease of 0.22 percentage points from the rate recorded in April 2024, which was 2.5 percent.
The fall in the month-on-month food inflation rate was attributed to a slowdown in the rate of increase in the average prices of Palm Oil, Groundnut Oil, Yam, Irish Potato, Cassava Tuber, Wine, Bournvita, Milo, and Nescafe.
The report also highlighted regional variations in food inflation. “In May 2024, food inflation on a year-on-year basis was highest in Kogi (46.32 percent), Ekiti (44.94 percent), Kwara (44.66 percent), while Adamawa (31.72 percent), Bauchi (34.35 percent), and Borno (34.74 percent) recorded the slowest rise in food inflation on a year-on-year basis,” the NBS stated.
“On a month-on-month basis, however, May 2024 food inflation was highest in Gombe (4.88 percent), Kano (4.68 percent), and Bayelsa (3.62 percent), while Ondo (0.02 percent), Yobe (0.95 percent), and Adamawa (1.02 percent) recorded the slowest rise in food inflation on a month-on-month basis.”
