Nigeria’s inflation rate increased to 34.19 per cent in June 2024, from 33.95 per cent in May.
The data is included in the National Bureau of Statistics (NBS)’s consumer pricing index (CPI) report for June, which was released on Monday.
The CPI monitors the rate at which prices for goods and services vary.
According to the statistics, food inflation increased to 40.87 per cent in the month under review, as prices for food and nonalcoholic beverages continued to rise.
According to the NBS, the headline inflation rate in June increased by “0.24% points when compared to the May 2024 headline inflation rate”.
The NBS said:
“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.”