According to the bureau’s most recent data, which was released today, June 15, there was a 0.26% increase in headline inflation rates compared to April 2024.
The data showed that the headline inflation rate was 11.54% higher year on year than in May 2023, when it was 22.41%.
This shows that the headline inflation rate (year on year) increased in May 2024 compared to May 2023.
In May 2024, the headline inflation rate was 2.14%, 0.15% lower than the rate reported in April 2024 (2.29%).
According to the NBS, this suggests that the average price level will climb at a slower rate in May 2024 than it did in April 2024.
The NBS data also stated that the food inflation rate in May 2024 was 40.66% year on year, 15.84% higher than the rate in May 2023 (24.82%).
The report stated “Like the month-on-month headline inflation, the month-on-month Food inflation rate in May 2024 was 2.28%, also shows a decrease of 0.22% compared to the rate recorded in April 2024 (2.50%).
The fall in the Food inflation on a Month-on-Month basis was caused by a fall in the rate of increase in the average prices of Palm Oil, Groundnut Oil (under Oil and Fats Class), Yam, Irish Potatoe, Cassava Tuber (under Potatoes, Yam & Other Tubers Class), Wine, Bournvita, Milo, Nescafe (under Coffee, Tea and Coco Class).
The average annual rate of Food inflation for the twelve months ending May 2024 over the previous twelve-month average was 34.06%, which was 10.41% points increase from the average annual rate of change recorded in May 2023 (23.65%).”
