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.
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