In May 2024, Nigeria’s overall inflation rate increased slightly to 33.95%, up from 33.69% in April. The National Bureau of Statistics reported this in its Consumer Price Index for May 2024. Food prices also rose, with food inflation climbing to 40.66% from 40.53% the previous month. This increase was driven by higher prices for various items such as semovita, oatflake, yam flour, garri, beans, Irish potatoes, palm oil, and stockfish, among others.
The state of Kogi saw the highest year-on-year increase in food prices at 46.32%, while Gombe had the highest month-on-month rise at 4.88%.
