On an annual basis, the headline inflation rate in May 2024 rose by 11.54 percentage points compared to May 2023, when it reached 22.41 percent.
On a monthly basis, the headline inflation rate for May 2024 was 2.14 percent, slightly lower than the 2.29 percent recorded in April 2024.
Urban inflation: On a yearly basis, in May 2024, the urban inflation rate was 36.34%, which was 12.61% higher compared to 23.74% recorded in May 2023.
On a monthly basis, the urban inflation rate was 2.35% in May 2024, which is 0.32% lower compared to April 2024 (2.67%).
Rural inflation: The rural inflation rate in May 2024 reached 31.82% year on year, recording an increase of 10.63% compared to May 2023 when it was 21.19%.
On a monthly basis, the rural inflation rate in May 2024 was 1.94%, which was slightly higher by 0.02% compared to April 2024 (1.92%).
Food inflation
According to the report, the food price inflation rate in May accelerated to 40.66 percent year on year, which is 15.84 percent higher than the rate recorded in May 2023 (24.82 percent).
The food price inflation rate on a monthly basis 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 lower month-on-month food inflation was due to a lower rate of increase in average prices of food items including palm oil, groundnut oil (under the oils and fats category), Irish potatoes, and Irish yams. Cassava tuber.