The headline inflation rate in Nigeria soared to a new high of 34.19 percent in June 2024, relative to 33.95 percent recorded in May 2024, indicating an increase of 0.24 percentage points.
This is contained in the latest data released by the National Bureau of State Statistics (NBS) on Monday.
The NBS stated, “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.”
In the NBS’s 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, the NBS further highlighted that “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%.”
It explained that 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.
According to the NBS, “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”.
Similarly, food inflation rose sharply in June 2024 compared to the figure recorded 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 NBS stated.
The NBS attributed 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).
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