Nigeria’s inflation rate hits 34.19 % amid rising food cost

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Nigeria’s inflation figure has reached a new high, hitting 34.19 % for June 2024, according to the latest data from the National Bureau of State Statistics (NBS). 

This marks a 0.24 percentage point rise from the inflation rate reported in May 2024 by the 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,” the NBS said in its Consumer Price Index (CPI) – which measures the average change over time in the prices of goods and services consumed by people for day-to-day living – released on Monday.

“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%.”

According to the NBS, the year-on-year headline inflation rate surged in June 2024 compared to the same month the previous year.

On a month-on-month basis, the headline inflation rate for June 2024 was 2.31%, marking a 0.17% increase from May 2024, when it stood at 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,” the agency said

Food Prices Soar

As anticipated, food inflation in June 2024 increased compared to the figure reported in May 2024.

“On a month-on-month basis, the Food inflation rate in June 2024 was 2.55% which shows a 0.26% increase compared to the rate recorded in May 2024 (2.28%),” the CPI report read.

According to the NBS, this hike was triggered by a rise in the average prices of food items such as groundnut oil, palm oil, etc (oil & fats class), water yam, cocoyam, cassava, etc (potatoes, yam & other tubers class), tobacco, catfish fresh, croaker, mudfish fresh, snail, etc, (fish class).