Breaking: Nigeria’s Inflation Rate Hits 34.19% Amid Soaring Food Prices

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

NATURENEX reports that the development comes amid the rising cost of food items across the country, pushing essential commodities beyond the reach of millions.

The new data shows an increase of 0.24% points when compared to the inflation figure for May 2024.

According to the NBS, headline inflation, on a year-on-year basis, jumped in June 2024 compared to the same month in the last year.

The agency added that on a month-on-month basis, the headline inflation rate in June 2024 was 2.31%, 0.17% higher than the rate recorded in May 2024 (2.14%).

The release read, “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.

“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%.

“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.”