Extracts from May-2024 Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) revealed that the Nigeria’s headline inflation printed at 33.95% on a year-on-year basis in May 2024, indicating an increase of 26bps from April 2024’s print of 33.69% y/y.

Looking from a month-on-month viewpoint, data extracts revealed yet another slowdown of inflation rate in May. This implies a third-consecutive month-on-month slowdown. For context, headline inflation rate climbed by 2.14% m/m in May, 15bps slower than the 2.29% recorded in April.