Nigeria’s inflation rate rose to 34.19% in June- NBS

Nigeria’s inflation rate rose to 34.19% in June- NBS

Nike Popoola

In June 2024, the headline inflation rate increased to 34.19% relative to the May 2024 head- line inflation rate which was 33.95%.

The National Bureau of Statistics stated in its Consumer Price Index for June 2024, which was released today.

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.

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%.

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 the preceding year (i.e. June 2023).

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

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.

The percentage change in the average CPI for the twelve-month ending June 2024 over the average of the CPI for the previous twelve-month period was 30.00%, showing an 8.45% in- crease compared to 21.54% recorded in June 2023.