Year-on-year, the headline inflation rate in May 2024 increased by 11.54 percentage points compared to May 2023, when it stood at 22.41 per cent.
Month-on-month, the headline inflation rate for May 2024 was 2.14 per cent, slightly lower than the 2.29 per cent recorded in April 2024.
Urban inflation: On a year-on-year basis, in the month of May 2024, the Urban inflation rate was 36.34%, this was 12.61% points higher compared to the 23.74% recorded in May 2023.
On a month-on month basis, the Urban inflation rate was 2.35% in May 2024, this was 0.32% points lower compared to April 2024 (2.67%).
Rural Inflation: The rural inflation rate in May 2024 stood at 31.82% year-on-year, marking an increase of 10.63% compared to May 2023 when it was 21.19%.
On a month-on-month basis, rural inflation in May 2024 was 1.94%, slightly higher by 0.02% points compared to April 2024 (1.92%).
Food Inflation
According to the report, the food inflation rate in May quickened to 40.66 per cent on a year-on-year basis, which was 15.84 per cent points higher compared to the rate recorded in May 2023 (24.82 per cent).
The month-on-month food inflation rate in May 2024 was 2.28%, which also reflects a decrease of 0.22% compared to the rate recorded in April 2024 (2.50%).
The decline in food inflation on a month-on-month basis was attributed to a decrease in the rate of increase in the average prices of food including palm oil, groundnut oil (under the oil and fats category), yam, Irish potato, and cassava tuber.
