May 2024 CPI Report – Economic Enigma

According to the National Bureau of Statistics (NBS), Nigeria’s inflation rate reached a new 28-year high in May 2024, rising 26bps to 33.95% Year-over-Year (YoY) compared to 33.69% YoY in April 2024, marking an 18th consecutive acceleration. This upward trend was driven by increases in both major subcomponents: food (+13bps to 40.66% YoY) and core (+20bps to 27.04% YoY) inflation. Higher food prices and Naira volatility remain the major pressure points on domestic inflation. On a Month-on-Month (MoM) basis, headline inflation continued its decline for the third (3rd) consecutive month, falling slightly by 15bps to 2.14% MoM in May 2024 compared to 2.29% MoM in April 2024. This follows a decrease in the growth pace of both food (-22bps to 2.28% MoM) and core (-18bps to 2.01% MoM) inflation in the month.

 

Click here for the full report.

Share on social

Facebook
Twitter
LinkedIn

CONTACT US

1, Mekunwen Rd. Off Oyinkan Abayomi Drive PMB 80173, Ikoyi, Lagos, Nigeria

0700 ARMENGAGE
(0700 276 364 243)

OUR COMPANIES

RESOURCES

SOCIALS

Copyright © Asset & Resource Management Holding Company (ARM) Limited. All Rights Reserved. Information on this website is provided “as is” without warranty of any kind, either express or implied, including, but not limited to, the implied warranties of merchantability, fitness for a particular purpose, or non-infringement. Some jurisdictions do not allow the exclusion of implied warranties, so the above exclusion may not apply to you.

ARM does not accept cash and will never ask you to make payments to a personal bank account on its behalf, nor ask you for personal account details, card details or passwords to your account. The acceptable means of payment are cheques, bank transfers, USSD & online.