Nigeria’s inflation rate has hit a new high of 34.19% for June 2024, according to the latest data released by the National Bureau of Statistics (NBS).
This marks a 0.24% increase from the May 2024 figure, signaling a continued upward trend in the country’s cost of living.
The NBS, in its Consumer Price Index (CPI) report released on Monday, stated, “In June 2024, the headline inflation rate increased to 34.19% relative to the May 2024 headline inflation rate which was 33.95%.”
The bureau further explained, “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.”
Comparing year-on-year figures, the NBS noted a significant jump: “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 report also highlighted a month-on-month increase in the headline inflation rate. “On a month-on-month basis, the headline inflation rate in June 2024 was 2.31%, 0.17% higher than the rate recorded in May 2024 (2.14%),” the NBS stated.
Food inflation also saw a rise in June 2024. The NBS reported, “On a month-on-month basis, the Food inflation rate in June 2024 was 2.55% which shows a 0.26% increase compared to the rate recorded in May 2024 (2.28%).”
The bureau attributed this hike to increased prices of various food items, including “groundnut oil, palm oil, etc (oil & fats class), water yam, cocoyam, cassava, etc (potatoes, yam & other tubers class), tobacco, catfish fresh, croaker, mudfish fresh, snail, etc, (fish class).”
The development comes amid the rising cost of food items across the country, pushing basic commodities beyond the reach of millions of Nigerians.
