Nigeria’s Inflation Rate Hits 33.95% As NBS Confirms Rising Prices Of Garri, Beans, Other Foodstuffs

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The Bureau which made this known in its May report published on its website said that the inflation rate in May increased by 0.26% points when compared to the April record.

The National Bureau of Statistics (NBS) has said that Nigeria’s headline inflation rate in May 2024, increased from 33.69% recorded in April to 33.95%. 

The Bureau which made this known in its May report published on its website said that the inflation rate in May increased by 0.26% points when compared to the April record.

The NBS said that on a year-on-year basis, the headline inflation rate was 11.54% points higher compared to the rate recorded in May 2023, which was 22.41%. 

“This shows that the headline inflation rate (year-on-year basis) increased in the month of May 2024 when compared to the same month in the preceding year (i.e., May 2023).

“On the contrary, on a month-on-month basis, the headline inflation rate in May 2024 was 2.14%, which was 0.15% lower than the rate recorded in April 2024 (2.29%). 

“This means that in the month of May 2024, the rate of increase in the average price level is less than the rate of increase in the average price level in April 2024.

“The percentage change in the average CPI for the twelve months ending May 2024 over the average of the CPI for the previous twelve-month period was 29.06%, showing a 7.86% increase compared to 21.20% recorded in May 2023,” the Bureau said.

The NBS report further stated that on a year-on-year basis in the month of May 2024, urban inflation rate was 36.34%, showing an increase of 12.61% points higher compared to the 23.74% recorded in May 2023.

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On a month-on-month basis, the report stated that urban inflation rate was 2.35% in May, which showed 0.32% points lower compared to April which was 2.67%. 

The report noted that the corresponding twelve-month average for the urban inflation rate was 31.07% in May 2024, showing 9.12% points higher compared to the 21.95% reported in May 2023.

Also, the NBS said that the rural inflation rate in May 2024 was 31.82% on a year-on-year basis; showing a 10.63% higher compared to the 21.19% recorded in May 2023. 

On a month-on-month basis, the rural inflation rate in May was 1.94%, up by 0.02% points compared to April which was 1.92%.

“The corresponding twelve-month average for the Rural inflation rate in May 2024 was 27.27%. This was 6.76% higher compared to the 20.50% recorded in May 2023,” the report stated.

It added that the food inflation rate in May 2024 was 40.66% on a year-on-year basis, which was 15.84% points higher compared to the rate recorded in May 2023 which was 24.82%. 

“The rise in food inflation on a year-on-year basis was caused by increases in prices of the following items: Semovita, Oatflake, Yam flour prepackage, Garri, Bean, etc (which are under Bread and Cereals Class), Irish Potatoes, Yam, Water Yam, etc (under Potatoes, Yam and other Tubers Class), Palm Oil, Vegetable Oil, etc (under Oil and fat), Stockfish, Mudfish, Crayfish, etc (under Fish class), Beef Head, Chicken-live, Pork Head, Bush Meat, etc (under Meat class).

“Like the month-on-month headline inflation, the month-on-month Food inflation rate in May 2024 was 2.28%, also shows a decrease of 0.22% compared to the rate recorded in April 2024 (2.50%). 

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“The fall in the Food inflation on a Month-on-Month basis was caused by a fall in the rate of increase in the average prices of Palm Oil, Groundnut Oil (under Oil and Fats Class), Yam, Irish Potato, Cassava Tuber (under Potatoes, Yam & Other Tubers Class), Wine, Bournvita, Milo, Nescafe (under Coffee, Tea and Coco Class).

“The average annual rate of Food inflation for the twelve months ending May 2024 over the previous twelve-month average was 34.06%, which was 10.41% points increase from the average annual rate of change recorded in May 2023 (23.65%),” the Bureau said.

The NBS report further stated that in May 2024, the All-Items inflation rate on a Year-on-Year basis was highest in Bauchi with 42.30%, Kogi with 39.38%, and Oyo with 37.73%; while Borno with 25.97%, Benue with 27.74% and Delta with 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.

“In May 2024, 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,” the report added. 

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