Nigeria’s inflation rate hits 34.19%

The National Bureau of Statistics (NBS) has announced that Nigeria’s inflation rate increased to 34.19 per cent in June 2024.

The NBS announced this via its Consumer Price Index (CPI) report for June, released on Monday on Monday, July 15, 2024.

The inflation rate increased to 34.19 per cent from 33.95 per cent in May 2024.

The bureau stated that the headline inflation rate in June showed an increase of 0.24 per cent points when compared to the May 2024 headline inflation rate.

It noted: “On a year-on-year basis, the headline inflation rate was 11.40 per cent points higher compared to the rate recorded in June 2023, which was 22.79 per cent

“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 June 2023.

“Furthermore, on a month-on-month basis, the headline inflation rate in June 2024 was 2.31 per cent, which was 0.17 per cent higher than the rate recorded in May 2024 (2.14 per cent).

“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.”

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The NBS disclosed that the food inflation rate in June 2024 was 40.87 per cent on a year-on-year basis – a 15.62 per cent increase compared to 25.25 per cent recorded in June 2023.

This, the bureau said, was caused by increases in prices of items such as millet whole grain, garri, guinea corn, bread and cereals class, yam, groundnut oil, palm oil, and catfish.

It noted that on a month-on-month basis, the food inflation rate in June 2024 was 2.55 per cent which showed a 0.26 per cent increase compared to 2.28 per cent recorded in May 2024.

The NBS added: “The rise in food inflation on a month-on-month basis was caused by the rise in the rate of increase in the average prices of groundnut oil, palm oil, etc (oil and fats class), water yam, coco yam, cassava, etc (potatoes, yam, and other tubers class), tobacco, catfish fresh, croaker, mudfish fresh, snail, etc, (fish class).

“The average annual rate of Food inflation for the twelve months ending June 2024 over the previous twelve-month average was 35.35 per cent, which was an 11.31 per cent points increase from the average annual rate of change recorded in June 2023 (24.03 per cent).”

The NBS said Edo State (47.34 per cent), Kogi State (46.37 per cent), and Cross River State (45.28 per cent) spent more on food in June, while Nasarawa State (34.31 per cent), Bauchi State (34.78 per cent) and Adamawa State (35.96 per cent) recorded the slowest rise in food inflation on a year-on-year basis.

The bureau further stated that Yobe State (4.75 per cent), Adamawa State (4.74 per cent), and Taraba State (4.12 per cent) had the highest food inflation on a month-on-month basis.

It noted that Nasarawa State (0.14 per cent), Kano State (0.96 per cent), and Lagos State (1.25 per cent) recorded the slowest rise in food inflation on a month-on-month basis.

The Star