The National Bureau of Statistics, NBS, released data on Saturday showing Nigeria’s inflation rate climbed to a staggering 33.95 per cent in May, the highest level in 28 years. This represents a 0.26 percentage point increase from April’s already concerning rate of 33.69 per cent.
The report highlights a relentless rise in the cost of living, with food prices at the forefront. Food inflation specifically reached 40.66 per cent in May, up from 40.53 per cent the previous month.
The food inflation in May is also a significant jump from 24.82 per cent in the same month last year. This surge makes essential staples like rice, garri, and yam significantly more expensive for Nigerian households.
The news comes as Nigerians continue to grapple with the effects of economic reforms implemented by President Bola Tinubu. These reforms, including cuts to fuel and electricity subsidies and a devaluation of the naira currency, have been credited with contributing to the inflationary pressures.
While there was a slight decrease in the month-on-month inflation rate compared to April, the year-on-year increase paints a bleaker picture. Inflation in May 2024 was a full 11.54 percentage points higher compared to the 22.41 per cent recorded in May 2023, indicating a significant increase in the overall cost of living in Nigeria.
Other contributors to the increase in inflation include Housing, water, electricity, gas, and other fuels, which contributed 5.68 per cent to the inflation rate; clothing and footwear, with an increase of 2.60 per cent; transportation, which rose by 2.21 per cent and furnishings, household equipment, and maintenance, which increased by 1.71 per cent.
This economic hardship has reportedly fuelled public discontent with the government’s handling of the situation. It remains to be seen what steps the government will take to address the rising inflation and alleviate the pressure on Nigerians.
Veteran journalist and recipient of A.B.C Yola, Reporter of the Year Award (1997), Hassan Umar Shallpella, works with WAP as a Regional Correspondence. He was trained at Institute of Mass Communication and Technology Jos and Federal Radio Corporation of Nigeria, Training School Lagos.He was a News desk Editor and a Correspondent at the Punch newspaper and till 2019, was the Deputy Editor ofThe Scope newspaper.
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