Nigeria’s headline inflation rate has increased for the fifth consecutive month to 34.19 percent as residents of Africa’s most populous country grapple with a cost of living crisis.
According to the latest data from the National Bureau of Statistics (NBS), released on Monday, the June figure is 0.24 percent higher than the 33.95 percent recorded in May. The lowest figure in 2024 was 29.90 percent, recorded in January.
On a year-on-year basis, the headline inflation rate was 11.40 percent points higher compared to the rate recorded in June 2023, which was 22.79 percent.
“This shows that the headline inflation rate (year-on-year basis) increased in June 2024 when compared to the same month in the preceding year (i.e. June 2023),” the NBS said
The bureau also said on a month-on-month basis, the headline inflation rate in June 2024 was 2.31 percent, which was 0.17 percent higher than the rate recorded in May 2024 (2.14 percent).
This, it said, means that in 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.
According to the report, the food inflation rate in June 2024 rose 40.87 percent on a year-on-year basis, which was 15.62 percent points higher than the rate recorded in June 2023 (25.25 percent).
