By John Ikani
Nigeria’s battle with inflation shows no signs of slowing down.
According to the National Bureau of Statistics (NBS), the country’s headline inflation rate climbed yet again in May 2024, reaching a staggering 33.95%. This marks the 17th consecutive month of inflation increase.
The recently released Consumer Price Index (CPI) report by the NBS details this concerning trend. Compared to April 2024’s rate of 33.69%, May saw a rise of 0.26 percentage points.
This upward trajectory extends further back, with May 2024’s figure sitting a significant 11.54 percentage points higher than the 22.41% recorded in May 2023.
However, a glimmer of hope appears when looking at the month-on-month changes. May 2024’s inflation rate (2.14%) showed a slight decrease compared to April 2024 (2.29%).
This suggests a potential slowdown in the average price increase, although overall inflation remains a major concern.
Nigeria’s inflation woes began before the current administration took office in May 2023. Back then, the rate stood at 22.41%.
Since then, under President Bola Tinubu, the problem has unfortunately persisted, reaching a peak of 40.66% in May 2024 for food inflation, a vital measure impacting everyday Nigerians.
The NBS report paints a clear picture: Nigeria’s fight against inflation remains a crucial challenge demanding immediate attention.
