Nigeria’s headline inflation rate has increased to 33.95 percent in May.
The National Bureau of Statistics (NBS) disclosed in its latest Consumer Price Index (CPI) released on Saturday in Abuja.
This represents an increase of 0.26% points when compared to the April 2024 headline inflation rate.
According to NBS, the headline inflation rate was 11.54% points higher on a year-on-year basis compared to 22.41% recorded in May 2023.
READ ALSO: Nigeria’s inflation rate up 0.49% to 33.69% in April 2024
On the contrary, the headline inflation in May was 2.14%, which was 0.15% lower on a month-on-month basis when compared to 2.29% recorded in April.
This indicated the increase in the average price level was less in May than in April.
By: Babajide Okeowo
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