The National Bureau of Statistics (NBS) reported on Monday, July 15, that Nigeria's inflation rate increased from 33.95% in May 2024 to 34.19% in June 2024. This data was detailed in the NBS document titled “CPI and Inflation Report June 2024.”
The report highlighted, “In June 2024, the headline inflation rate increased to 34.19% relative to the May 2024 headline inflation rate which was 33.95%.” The increase signifies a 0.24% point rise in the inflation rate from May to June 2024.
On a year-on-year basis, the report noted that the headline inflation rate was 11.40% points higher compared to the rate recorded in June 2023, which was 22.79%. This indicates a significant increase in the inflation rate in June 2024 compared to the same month in the previous year.
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Furthermore, the NBS highlighted that 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 suggests that the rate of increase in the average price level was higher in June 2024 compared to May 2024.
The report underscores the continuing rise in inflation in Nigeria, reflecting higher costs of goods and services and impacting the purchasing power of consumers.
