City in Nigeria

Nigeria Inflation May 2024

Nigeria: Inflation increases in May

Inflation came in at 34.0% in May, which was up from April’s 33.7%. May’s figure represented the highest inflation rate since March 1996. Looking at the details of the release, prices for food and transporation rose at quicker rates in May.

Annual average inflation rose to 29.1% in May (April: 28.1%). Meanwhile, core inflation rose to 26.4% in May from the previous month’s 26.2%.

Lastly, consumer prices rose 2.14% over the previous month in May, which was below April’s 2.29% increase. May’s result marked the weakest reading since November 2023.

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