Nigeria’s inflation rate has risen to 34.19% in June 2024, indicating a 0.24% increase from the previous month’s headline inflation rate of 33.95%, according to the National Bureau of Statistics (NBS).
The NBS revealed this in its Consumer Price Index (CPI) and Inflation Report for June 2024, which measures the average change in prices of goods and services consumed by individuals for daily living.
The increase surpasses projections by Meristem Research analysts at 34.01% but falls short of Cowry Assets Management Research’s prediction of 34.25%.
On a year-on-year basis, the headline inflation rate rose by 11.40% points compared to June 2023’s rate of 22.79%. Additionally, the month-on-month rate of increase accelerated, with June 2024’s headline inflation rate exceeding May 2024’s rate by 2.31%.
“This 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,” the NBS explained.
The surge in inflation rate may potentially impact the country’s economic landscape, making it essential for policymakers to closely monitor and address the situation.
