Inflation rate hits 34.19% as food prices shoot in Nigeria

Nigeria’s inflation rate climbs to a new height, reaching 34.19% in June 2024, according to the National Bureau of Statistics (NBS).

The NBS data shows a notable increase in the inflation rate, with a 0.24 percentage point rise from May 2024, highlighting the severity of the situation.

“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.

“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%,” the NBS said in its Consumer Price Index (CPI).

The Consumer Price Index (CPI) released by the NBS on Monday, July 15, measures the average change over time in the prices of goods and services consumed for daily living.

The NBS reported that the year-on-year headline inflation rate saw a significant rise in June 2024 compared to June 2023.

On a monthly basis, the headline inflation rate for June 2024 was 2.31%, an increase of 0.17% from the 2.14% recorded in May 2024.