The report revealed that the food inflation rate for May 2024 reached 40.66% year-on-year, a significant increase of 15.84 percentage points compared to the 24.82% recorded in May 2023.
“Analyzing the movement, the May 2024 headline inflation rate exhibited an increase of 0.26 percentage points when compared to the April 2024 headline inflation rate,” the report noted. “On a year-on-year basis, the headline inflation rate was 11.54 percentage points higher than the 22.41% recorded in May 2023.”
Month-on-month analysis showed that the headline inflation rate for May 2024 was 2.14%, slightly lower than the 2.29% reported in April 2024. This indicates that the rate of increase in the average price level in May was less than that of April.
Further analysis identified the top five drivers of headline inflation, with food and non-alcoholic beverages leading at 17.59%. Housing, water, electricity, gas, and other fuels followed closely at 5.68%. Other significant contributors included clothing and footwear at 2.60%, transport at 2.21%, and furnishings, household equipment, and maintenance at 1.71%.
The rising inflation rates underscore the ongoing economic challenges facing Nigeria, impacting the cost of living and the overall economic stability.
