Inflation Increases to 34.19% Amid Soaring Food Prices

Nigeria’s inflation rate increased to 34.19 percent in June 2024 from 33.95 percent in May.

The data is captured in the National Bureau of Statistics (NBS) in its consumer price index (CPI) report for June, released on Monday.

The CPI measures the rate of change in prices of goods and services.

According to the bureau, food inflation also surged to 40.87 percent in the month under review as prices of food and non-alcoholic beverages continued to surge.

NBS said the headline inflation rate in June 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.

“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.”