Nigeria’s headline inflation rate increased to 33.95% in May 2024 from 33.69% in April 2024, marking a 0.26 percentage point rise. This was revealed in the Consumer Price Index (CPI) report released today by the National Bureau of Statistics (NBS).
The NBS report also highlighted a significant increase in food inflation, which rose to 40.66% in May from 40.53% in April. This surge in food prices is driven by increases in the costs of several staple food items. Key contributors to the food inflation include:
– Semovita, Oatflakes, Yam flour (prepackaged), Garri, Beans, Irish Potatoes, Yam, Water Yam and others
These price hikes have exacerbated the cost of living for many Nigerians, who are already facing economic challenges.
The NBS attributed the rise in inflation to several underlying factors. These include disruptions in supply chains, increased transportation costs, and higher production costs. The ongoing security challenges in various parts of the country have also affected agricultural production and food distribution, contributing to the rising inflation.
In response to the rising inflation, the government has announced several measures aimed at stabilizing the economy and mitigating the impact on consumers. These include efforts to improve food production and distribution, enhance security in agricultural regions, and implement economic policies to control inflation.
The continuous rise in inflation poses significant challenges to the Nigerian economy. It erodes the purchasing power of consumers, increases the cost of living, and affects overall economic stability. The government and economic experts are closely monitoring the situation and exploring additional measures to curb inflation and promote economic growth.
As the country navigates these economic challenges, stakeholders are calling for coordinated efforts to address the root causes of inflation and implement sustainable solutions to ensure long-term economic stability and growth.
Photo credit: NBS
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