Nigeria’s inflation rate has surged to a new record high of 34.19% for June 2024, according to the most recent data from the National Bureau of Statistics (NBS). This marks a slight increase of 0.24 percentage points from the 33.95% recorded in May 2024.
The NBS report highlighted that, compared to May 2024, June saw the headline inflation rate climb by 0.24%. This increase reflects the continued rise in the general price level for goods and services, as measured by the Consumer Price Index (CPI), a key indicator that tracks the changes in the prices of everyday goods and services that people rely on.
In comparison to the same period in 2023, the inflation rate has surged significantly. The year-on-year inflation for June 2024 stands at 34.19%, a stark 11.4% increase from June 2023’s inflation rate of 22.79%. This highlights the accelerating cost of living in the country.
On a month-to-month basis, the inflation rate saw a jump of 2.31% in June 2024, reflecting a 0.17% increase from the 2.14% recorded in May 2024. This indicates that the pace at which prices are rising has intensified from the previous month.
Food inflation, which has been a significant concern, also saw an uptick in June 2024. On a month-on-month basis, food prices rose by 2.55%, a 0.26% increase from May 2024’s food inflation rate of 2.28%. The rise in food costs was primarily driven by price hikes in essential food items such as groundnut oil, palm oil, and other oils, as well as staple crops like water yam, cassava, and cocoyam. The price of fish, particularly catfish, croaker, and mudfish, also contributed to the overall increase in food inflation.
This inflationary trend, especially in food prices, underscores the ongoing challenges facing Nigeria’s economy, as the cost of living continues to rise, placing pressure on households across the country.
