Headline inflation rate increased to 33.95 per cent in May 2023 relative to the April 2024 headline inflation rate, which was 33.69 per cent, latest figures by the National Bureau of Statistics (NBS) have shown.
The May 2024 headline inflation rate showed an increase of 0.26 per cent points when compared to the April 2024 headline inflation rate.
The headline inflation rate was 11.54 per cent points higher compared to the rate recorded in May 2023, which was 22.41 per cent on year-on-year basis.
This shows that the headline inflation rate (year-on-year basis) increased in the month of May 2024 when compared to the same month in the preceding year (i.e. May 2023).
“On a month-on-month basis, the headline inflation rate in May 2024 was 2.14 percent, which was 0.15 percent lower than the rate recorded in April 2024 (2.29%),” the NBS said in a report released on Saturday.