Politics
Nigeria’s Inflation Rate Reaches 34.19%, Hitting New High
Nigeria’s Inflation Rate Reaches 34.19%, Hitting New High
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Nigeria’s annual inflation rate has risen for the fifth consecutive month to 34.19%, exacerbating the country’s ongoing economic challenges.
The National Bureau of Statistics (NBS) released data on Monday indicating that the June figure is 0.24% higher than May’s 33.95%. The lowest inflation rate recorded in 2024 was 29.90% in January.
Comparing year-on-year figures, the headline inflation rate for June 2024 was 11.40 percentage points higher than the 22.79% recorded in June 2023. The NBS noted, “This shows that the headline inflation rate increased in June 2024 compared to the same month the previous year.”
On a month-on-month basis, the headline inflation rate in June 2024 stood at 2.31%, marking a 0.17% increase from May 2024 (2.14%). This indicates a higher rate of increase in the average price level during June compared to May 2024.
Regarding food inflation, the NBS reported a year-on-year increase of 40.87% in June 2024, which is 15.62 percentage points higher than June 2023 (25.25%).
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