Federal finance and statistics / National Bureau of Statistics

CPI and Inflation Report May 2024

Executive Summary In May 2024, the headline inflation rate increased to 33.95% relative to the April 2024 head line inflation rate which was 33.69%. Looking at the movement, the May 2024 headline infla tion rate showed an increase of 0.26% points when compared to the April 2024 headline in flation rate. On a year-on-year basis, the headline inflation rate was 11.54% points higher compared to the rate recorded in May 2023, which was 22.41%. This shows that the headline inflation rate (year-on-year basis) increased in the month of May 2024 when compared to the same month in the preceding year (i…