The report said on a year-on-year basis, in May 2024, the urban inflation rate was 36.34 per cent.
According to the workers, if the government does not check the inflation rate, potential gains of any new minimum wage would be eroded.
According to the NBS’ latest data, the figure represents a 1.50 per cent increase from the 31.7 per cent recorded in February 2024.
Ned Nwoko (PDP-Delta) has called for an urgent policy review, given the surge in the inflation rate.
According to the bureau, food prices soared by 2.72 per cent, a 0.30 per cent increase from the rate recorded in November.
The MPR is an economy’s baseline interest rate, upon which all other interest rates are based.
