“Tinubu’s Renewed Hope Campaign Mantra Fades As Nigeria’s Annual Inflation Hits 28-Year High at 33.95% in May” implies that despite Bola Tinubu’s optimistic campaign promising “Renewed Hope,” the worsening economic conditions, particularly the record-high inflation rate, are diminishing the credibility and impact of his message among Nigerians.
Thank you for reading this post, don't forget to subscribe!According to official data released on Saturday, marking the 18th consecutive month of rising prices from 33.69% in the previous month.
President Bola Tinubu’s economic reforms, which include cuts to petrol and electricity subsidies and two currency devaluations within a year, have intensified price pressures, fueling public discontent.
Labour unions, who recently suspended a strike over minimum wage demands, argue that these reforms disproportionately affect the poor, exacerbating what is described as Nigeria’s worst cost-of-living crisis in decades.
Data from the National Bureau of Statistics indicated that food and non-alcoholic beverages were the largest contributors to May’s inflation, with food inflation rising to 40.66% from 40.53% the previous month.
The NBS further reported that on a year-on-year basis, Nigeria’s headline inflation rate was 11.54 percentage points higher compared to May 2023, which stood at 22.41%. Month-on-month, the headline inflation rate in May was 2.14%, slightly lower than April’s 2.29%.
Analysts attribute Nigeria’s high inflation to elevated food prices and a weakening naira, prompting the central bank to raise interest rates three times this year. Governor Olayemi Cardoso has signaled that rates will remain elevated as long as necessary to curb inflation.
