Central Bank of Nigeria

Nigeria's Inflation Rate Hits 33.95% in May, Highest in 28 Years

Jun 15, 2024, 03:36 PM

Nigeria’s inflation rate climbed to a more than 28-year high in May, reaching 33.95%, driven by higher food and transport prices. The National Bureau of Statistics (NBS) confirmed the rising prices of essential foodstuffs such as garri and beans. This surge in inflation marks the highest annual rate reported in nearly three decades.