Breaking: Nigeria’s inflation jumps to 34.19% in June

By Kazeem Ugbodaga

Nigeria’s inflation has jumped to 34.19 percent for the month of June 2024, according to the National Bureau of Statistics (NBS) in its report.

The June 2024 headline inflation rate showed an increase of 0.24% points when compared to the May 2024 headline inflation rate, which stood at 33.95 percent.

According to NBS, In June 2024, the headline inflation rate increased to 34.19% relative to the May 2024 headline inflation rate which was 33.95%.

“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,” it said.

On a year-on-year basis, the NBS said 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,” NBS said.

The bureau added that 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% increase compared to 21.54% recorded in June 2023.

The report revealed that on a year-on-year basis, in the month of June 2024, the Urban inflation rate was 36.55%, which was 12.23% points higher compared to the 24.33% recorded in June 2023.

“On a month-on-month basis, the Urban inflation rate was 2.46% in June 2024, this was 0.11% points higher
compared to May 2024 (2.35%). The corresponding twelve-month average for the Urban inflation rate was 32.08% in June 2024. This was 9.70 % points higher compared to the 22.38% reported in June 2023,” it stated.

The Bureau said the Rural inflation rate in June 2024 was 32.09% on a year-on-year basis, which was 10.71%
higher compared to the 21.37% recorded in June 2023.

“On a month-on-month basis, the Rural inflation rate in June 2024 was 2.17%, up by 0.23% points compared to May 2024 (1.94%). The corresponding twelve-month average for the Rural inflation rate in June 2024 was 28.15%. This was 7.39% higher compared to the 20.76% recorded in June 2023,” it explained.