Nigeria’s annual inflation rate climbed to 34.19% in June, marking the fifth consecutive month of increases as the nation grapples with a cost of living crisis. This figure, released by the National Bureau of Statistics (NBS) on Monday, is 0.24% higher than the 33.95% recorded in May.
The lowest inflation rate in 2024 was 29.90%, observed in January. On a year-on-year basis, the headline inflation rate for June was 11.40 percentage points higher than the 22.79% recorded in June 2023. The NBS noted, “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).”
Month-on-month, the headline inflation rate in June 2024 was 2.31%, a slight increase from the 2.14% recorded in May 2024. This indicates that the rate of increase in the average price level in June 2024 was higher than in May 2024.
Food inflation also saw a significant rise, reaching 40.87% on a year-on-year basis in June 2024. This was 15.62 percentage points higher than the 25.25% recorded in June 2023.
More details to follow.
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