The National Bureau of Statistics (NBS) reports a rise in Nigeria’s inflation rate to 33.95% in May, up from 33.69% in April, primarily due to increasing food and non-alcoholic beverage prices.
The year-on-year inflation rate has also surged by 11.54 percentage points since May 2023.
Despite the overall increase, the month-on-month inflation rate saw a slight decline.
The most significant inflation contributors include food, housing, and utilities, with urban areas experiencing a higher inflation rate than rural regions.
