Nigeria’s inflation rate now 34.19%, says NBS report

Nigeria’s inflation rate now 34.19%, says NBS report

A new inflation rate has been released for Nigeria, with the number increasing from 33.95% in May 2024 to 34.19% in June 2024.

This was contained in a document titled “CPI and Inflation Report June 2024” released on Monday by the National Bureau of Statistics (NBS).

The report said, “In June 2024, the headline inflation rate increased to 34.19% relative to the May 2024 head line inflation rate which was 33.95%.”

The NBS said 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.

On a year-on-year basis, said the Bureau, the headline inflation rate was 11.40% points higher compared to the rate recorded in June 2023, which was 22.79%.

The document said this shows that the headline inflation rate (year-on-year basis) increased in the month of June 2024 when compared to the same month in the preceding year (i.e. June 2023).

The NBS further noted 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%).

The report said 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.