…Headline CPI (YoY): May’s Headline CPI (YoY) was 33.95%, up from 33.69% in April.
…Core CPI (YoY): Core inflation, excluding volatile agricultural produce and energy prices, stood at 27.04% in May, compared to 26.84% in April 2024.
…Food Inflation: Food inflation, a major driver, rose to 40.66% in May, slightly up from 40.53% in April. Year-on-year, it surged by 15.84% from 24.82% in May 2023.
SAT JUNE 15 2024-theGBJournal| Nigeria’s headline inflation rose slight overall from 33.69% in April to 33.95% y/y in May 2024.
Month-on-month, the headline inflation rate for May 2024 decreased slightly to 2.14%, down 0.15% from April’s 2.29%, according to the latest CPI and Inflation report published to by the National Bureau of Statistics (NBS).
The month-on-month in increase May 2024 reflects slower rate of increase in average price level when compared to the April 2024 level.
Core inflation, excluding volatile agricultural produce and energy prices,
stood at 27.04% in May, compared to 26.84% in April 2024.
Year-on-year, it rose significantly by 7.21% from 19.83% in May 2023.
Similarly, Food inflation, a major driver on inflation, rose to 40.66% in May, slightly up from 40.53% in April.
Year-on-year, it surged by 15.84% from 24.82% in May 2023. This increase was driven by higher prices for millet flour, garri, beans, wheat flour (prepacked), semovita, and other food items.
While inflation shows signs of a slight slowdown, it remains at a high level while significant relief from high prices is unlikely in the immediate future for Nigerians.
Meanwhile, All-Items inflation rate in the period under review was highest in Bauchi (42.30%), Kogi (39.38%), and Oyo (37.73%), while Borno (25.97%), Benue (27.74%) and Delta (28.67%) recorded the slowest rise in Headline inflation on Year-on-Year basis.
On a Month-on-Month basis, however, May 2024 recorded the highest increases in Kano (4.24%), Gombe (4.06%), Bauchi (3.75%), while Ondo (0.57%), Kwara (1.19%) and Yobe (1.24%) recorded the slowest rise on Month-on-Month inflation.
Food inflation on a Year-on-Year basis was highest in Kogi (46.32%), Ekiti
(44.94%), Kwara (44.66%), while Adamawa (31.72%), Bauchi (34.35%) and Borno (34.74%), recorded the slowest rise in Food inflation on Year-on-Year basis.
On a Month-on-Month basis, however, May 2024 Food inflation was highest in Gombe (4.88%), Kano (4.68%), and Bayelsa (3.62%), while Ondo (0.02%), Yobe (0.95%) and Adamawa (1.02%) recorded the slowest rise in Food inflation on Month-on-Month basis.
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