Lagos, Nigeria – The inflation rate in Nigeria has reached a new high of 34.19% for June 2024, according to the latest data from the National Bureau of Statistics (NBS). This shows an increase of 0.24% points from the inflation figure released for May 2024.
The data released on Monday disclosed that the headline inflation rate in June 2024 was 11.40 percentage points higher compared to June 2023, rising from 22.79%.
“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 stated this in its Consumer Price Index (CPI) report, which measures the average change over time in the prices of goods and services consumed by people for day-to-day living.
The food inflation rate for June 2024 was 40.87% year-on-year, up from 40.66% in May 2024, and 15.62 percentage points higher than the 25.25% recorded in June 2023. On a month-on-month basis, the food inflation rate for June 2024 was 2.55%, a 0.26 percentage point increase from May 2024’s rate of 2.28%.
According to the NBS, this increase was driven by a rise in the average prices of food items such as groundnut oil and palm oil (oil and fats class), water yam, cocoyam, cassava (potatoes, yam, and other tubers class), tobacco, fresh catfish, croaker, fresh mudfish, and snail (fish class).
In the month under review, the urban inflation rate was 36.55% year-on-year, 12.23 percentage points higher than the 24.33% recorded in June 2023. On a month-on-month basis, the urban inflation rate in June 2024 was 2.46%, reflecting a 0.11 percentage point rise from May’s rate of 2.35%.
Conversely, the rural inflation rate in June 2024 was 32.09% year-on-year, 10.71 percentage points higher than the 21.37% recorded in June 2023. On a month-on-month basis, the rural inflation rate in June 2024 was 2.17%, up by 0.23 percentage points compared to May 2024’s rate of 1.94%.
