Nigeria’s Inflation Rate Surges To 34.19% In June 2024

The National Bureau of Statistics (NBS) has announced that the headline inflation rate rose to 34.19% in June 2024, representing a 0.24% point increase from the 33.95% recorded in May 2024.

On a year-on-year basis, this represented a 0.24% point rise from the 33.95% recorded in May 2024 and surged by 11.40% points compared to the 22.79% recorded in June 2023, indicating a significant increase in the average price level over the past year.

The latest inflation rate is noted to be the highest in over a year, indicating a persistent upward trend in prices.

On a month-on-month basis, the inflation rate stood at 2.31% in June 2024, a 0.17% increase from the 2.14% recorded in May 2024.

The surge in inflation rate is attributed to various factors, including the increase in food prices, transportation costs, and housing expenses.

The NBS report also showed that the core inflation rate, which excludes food and energy prices, rose to 26.41% in June 2024 from 25.95% in May 2024.

The increasing inflation rate has raised concerns about the potential impact on the economy and consumers.

The government has been urged to implement measures to address the underlying factors driving inflation and mitigate its effects on the population.

The NBS report also provided insights into the sectoral performance, showing that the food sector recorded the highest inflation rate, followed by the transportation and housing sectors.

The inflation rate is expected to continue to be a key economic indicator, and its future trends will be closely monitored by policymakers, economists, and the general public.

Boluwatife Enome

Follow us on: