Nigeria’s inflation rate rose to 33.95% in May 2024, up from 33.69% in April, as reported by the National Bureau of Statistics. The Consumer Price Index showed a continual increase in inflation from January to May, reaching a 13.5% surge. The inflation spike was primarily driven by higher food and transport prices, with food inflation hitting 40.66% in May.
The rising cost of essential items like potatoes, fish, and meat has put pressure on households, exacerbated by government policies like petrol subsidy removal. This trend has eroded the purchasing power of many citizens, making it challenging to afford daily meals. Despite a slight decrease in month-on-month inflation in May, the overall year-on-year inflation rate was significantly higher compared to May 2023.
As the inflation rate hits a 28-year high, it highlights the economic challenges facing Nigeria and the need for effective policies to address the issue. The continuous increase in prices underscores the importance of finding sustainable solutions to alleviate the burden on the population.