Nigeria’s inflation rate soared to new high of 34.19 percent in June 2024, from 33.95 percent recorded in May 2024, showing an increase of 0.24 percentage points.
This is according to the latest data released by the National Bureau of Statistics (NBS) on Monday.
“In June 2024, the headline inflation rate increased to 34.19% relative to the May 2024 headline inflation rate which was 33.95%. Looking at the movement, the June 2024 headline inflation rate showed an increase of 0.24% points when compared to the May 2024 headline inflation rate,” the NBS said in its Consumer Price Index (CPI) – which measures the average change over time in the prices of goods and services consumed by people for day-to-day living – released on Monday.
“On a year-on-year basis, the headline inflation rate was 11.40% points higher compared to the rate recorded in June 2023, which was 22.79%.”
According to the NBS, the year-on-year headline inflation rate, spiked in June 2024 when compared to the same month last year.
On a month-on-month basis, the headline inflation rate in June 2024 was 2.31 percent, representing 0.17 percent higher than the 2.14 percent rate recorded in May 2024.
“This means that in the month of June 2024, the rate of increase in the average price level is higher than the rate of increase in the average price level in May 2024.
“On a month-on-month basis, the Food inflation rate in June 2024 was 2.55% which shows a 0.26% increase compared to the rate recorded in May 2024 (2.28%),” the statistics office said.
The agency explained that the increases to a rise in the average prices of food items such as groundnut oil, palm oil, etc (oil & fats class), water yam, cocoyam, cassava, etc (potatoes, yam & other tubers class), tobacco, catfish fresh, croaker, mudfish fresh, snail, etc, (fish class).