- The development comes amid the rising cost of food items across the country, pushing basic commodities beyond the reach of millions
Nigeria’s inflation figure has reached a new high, hitting 34.19 % for June 2024, according to the latest data from the National Bureau of State Statistics (NBS).
According to a report by the NBS: “In June 2024, the headline inflation rate increased to 34.19% relative to the May 2024 head line 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%.
This shows that the headline inflation rate (year-on-year basis) increased in the month of June 2024 when compared to the same month in the preceding year (i.e. June 2023).
“Furthermore, on a month-on-month basis, the headline inflation rate in June 2024 was 2.31%, which was 0.17% higher than the rate recorded in May 2024 (2.14%).
“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.”
The report added that “the percentage change in the average CPI for the twelve-month ending June 2024 over the
average of the CPI for the previous twelve-month period was 30.00%, showing an 8.45% increase compared to 21.54% recorded in June 2023.”
On urban inflation, the NBS noted that “on a year-on-year basis, in the month of June 2024, the Urban inflation rate was 36.55%, this was 12.23% points higher compared to the 24.33% recorded in June 2023.
“On a month-on-month basis, the Urban inflation rate was 2.46% in June 2024, this was 0.11% points higher compared to May 2024 (2.35%). The corresponding twelve-month average for the Urban inflation rate was 32.08% in June 2024. This was 9.70 % points higher compared to the 22.38% reported in June 2023.”
It also added that “the Rural inflation rate in June 2024 was 32.09% on a year-on-year basis; this was 10.71% higher compared to 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% points compared to May 2024 (1.94%).
“The corresponding twelve-month average for the Rural inflation rate in June 2024 was 28.15%. This was 7.39% higher compared to the 20.76% recorded in June 2023.”