The National Bureau of Statistics has announced in its latest report that Nigeria’s inflation rate in June 2024 increased from 33.95% in May to 34.19% in June.
The headline inflation rate in June 2024 increased by 0.24% points from May 2024.
On a month-on-month basis, the headline inflation rate in June 2024 was 2.31%, up 0.17% from May 2024’s rate of 2.14%.
This means that the average price level increased faster in June 2024 than in May 2024.
The food inflation rate in the month under review was 40.87% year on year, compared to 40.66% in May 2024. This is 15.62 percentage points greater than the rate of 25.25% reported in June 2023.
On a month-on-month basis, the food inflation rate in June 2024 was 2.55%, up 0.26 percentage points from the rate in May 2024 of 2.28%. The month-on-month increase in food inflation was driven by higher prices for products such as groundnut and palm oil.
Core inflation for the month stood at 27.40% year on year, up 7.34 per cent from 20.06% in the same period last year.
On a month-on-month basis, the core inflation rate was 2.06% in June 2024, up 0.05 per cent from 2.01% in May. The average twelve-month annual inflation rate for the period ending June 2024 was 24.06%, a 5.59 percentage point increase from the 18.47% reported in June 2023.
In June 2024, Bauchi had the highest headline inflation rate (43.95%), followed by Kogi (39.91%) and Oyo (39.15%). Borno (25.90%), Benue (27.52%), and Katsina (29.21%) saw the least year-on-year increase in headline inflation.
On a month-on-month basis, the highest increases were recorded in Yobe (3.79%), Abuja (3.45%), and Ondo (3.38%), while Nasarawa (0.71%), Osun (1.19%), and Kano (1.27%) had the slowest month-on-month inflation increases.
