Nigeria's inflation rate jumped to 34.19% in June 2024, up from 33.95% in May, according to the National Bureau of Statistics' (NBS) latest Consumer Price Index (CPI) and Inflation report, which was released on Monday.
The headline inflation rate in June 2024 increased by 0.24% compared to May 2024.
On a year-on-year basis, the headline inflation rate was 11.40% points higher than the rate reported in June 2023 (22.79%). This indicates that the headline inflation rate (year on year) increased in June 2024 as compared to the same month the previous year (i.e. June 2023).
According to the NBS, the headline inflation rate in June 2024 was 2.31%, up 0.17% from the rate in May 2024 (2.14%). This suggests that the average price level climbed at a faster rate in June 2024 than it did in May 2024.
The bureau also stated that the average CPI for the twelve months ending June 2024 was 30.00% higher than the average CPI for the preceding twelve months, representing an 8.45% increase over the 21.54% recorded in June 2023.
According to the data, the urban inflation rate was 36.55% in June 2024, a 12.23% increase from the previous year.
The Bureau reported that the rural inflation rate in June 2024 was 32.09% year on year, 10.71% higher than the 21.37% recorded in June 2023.
