June 5, 2024

Nigeria Economic Update (Issue 19)

According to the latest consumer price index (CPI) and inflation report by the National Bureau of Statistics
(NBS), Nigeria’s headline inflation has surged to 33.69%. This reflects a 0.49% points increase from the
previous month’s rate of 33.20% and an 11.47% points increase compared to the 22.22% recorded in April 2023. The urban and rural inflation rate rose to 36% and 31.64% respectively. Additionally, food inflation
soared to 40.53%, representing a 15.92% points increase from 24.61% recorded in April 2023.

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