Nigeria’s National Bureau of Statistics (NBS) has announced that the headline inflation rate for the country increased to 34.19% in June 2024 as against 33,95% recorded in May 2024.
The NBS said on Monday in Abuja that in its monthly report of the Consumer Price Index, which measures inflation that the June 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, the NBS stated that the headline inflation rate was 11.40% points higher compared to the rate recorded in June 2023, which was 22.79%.
“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).
“Furthermore, 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%). 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,” it said.
According to the report, the Food inflation rate in June 2024 was 40.87% on a year-on-year basis, which was 15.62% points higher compared to the rate recorded in June 2023 (25.25%).
It explained that the rise in Food inflation on a year-on-year basis was caused by increases in prices of the following items: Millet Whole grain, Garri, Guinea corn, etc (Bread and Cereals Class), Yam, Water Yam, Coco Yam (Potatoes, Yam & Other Tubers Class), Groundnut Oil, Palm Oil, etc (Oil & Fats Class) and Catfish Dried, Dried Fish-Sadine, Mudfish (Fish Class), etc.
“On a month-on-month basis, the Food inflation rate in June 2024 was 2.55% which shows a 0.26% increase compared to the rate recorded in May 2024 (2.28%).
“The rise in Food inflation on a Month-on-Month basis was caused by the rise in the rate of increase in the average prices of Groundnut Oil, Palm Oil, etc (Oil & Fats Class), Water Yam, Coco Yam, Cassava, etc (Potatoes, Yam & Other Tubers Class), Tobacco, Catfish Fresh, Croaker, Mudfish Fresh, Snail, etc, (Fish Class),” it said.
It added that the average annual rate of Food inflation for the twelve months ending June 2024 over the previous twelve-month average was 35.35%, which was an 11.31% points increase from the average annual rate of change recorded in June 2023 (24.03%)
GIK/APA