Nigeria's inflation has surged to a new peak, reaching 34.19% in June 2024, as reported by the latest data from the National Bureau of Statistics (NBS). This marks a 0.24% increase from the inflation figure of May 2024.
According to the NBS Consumer Price Index (CPI) released on Monday, "In June 2024, the headline inflation rate rose to 34.19% compared to May 2024, which stood at 33.95%. This represents a 0.24% increase in the headline inflation rate from May 2024."
The year-on-year comparison shows a significant rise, with the June 2024 inflation rate standing 11.40% points higher than June 2023, which recorded 22.79% inflation.
On a month-on-month basis, June 2024 saw a headline inflation rate of 2.31%, up by 0.17% from May 2024's 2.14%. The NBS highlighted that this indicates a higher rate of price increase in June compared to May 2024.
Food inflation also experienced an uptick in June 2024 compared to May 2024. "On a month-on-month basis, the Food inflation rate in June 2024 was 2.55%, showing a 0.26% increase from May 2024 (2.28%)," stated the CPI report.
The NBS attributed this increase to higher prices of food items such as groundnut oil, palm oil (oil & fats class), water yam, cocoyam, cassava (potatoes, yam & other tubers class), and various fish varieties including catfish, croaker, mudfish, and snail (fish class).
