Headline inflation in Nigeria reached a new peak of 34.19% in June 2024, up from 33.95% in May 2024, marking a 0.24 percentage point increase, according to the latest data released by the National Bureau of Statistics (NBS) on Monday.
The NBS reported, “In June 2024, headline inflation rose to 34.19% from May 2024’s 33.95%. This represents a 0.24 percentage point increase compared to May 2024.”
The Consumer Price Index (CPI), which tracks the average change in prices of goods and services consumed by households, showed a year-on-year headline inflation rate of 34.19%, an increase of 11.40 percentage points from June 2023’s 22.79%.
On a month-on-month basis, June 2024 saw a headline inflation rate of 2.31%, up 0.17 percentage points from May 2024’s 2.14%.
According to the NBS, “This indicates a higher rate of price increase in June 2024 compared to May 2024.”
Food inflation also surged in June 2024 compared to May 2024, with a month-on-month rate of 2.55%, marking a 0.26 percentage point increase from May’s 2.28%.
The NBS attributed these increases to higher average prices for food items such as groundnut oil, palm oil (oil & fats category), water yam, cocoyam, cassava (potatoes, yam & other tubers category), and various types of fish including catfish, croaker, mudfish, and snail (fish category).
