The National Bureau of Statistics on Monday, announced that the Nigeria’s inflation rate, increased to 34.19% in June 2024, amid economic hardship facing the country.
NBS noted that it is an increase of 0.24% points when compared to the inflation figure for May 2024 released by the NBS.
The agency made this known in its Consumer Price Index and Inflation Report for June 2024.
The CPI measures the average change over time in the prices of goods and services consumed by people for day-to-day living.
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According to NBS, on a year-on-year basis, the headline inflation rate was 11.40 per cent points higher compared to the rate recorded in June 2023, which was 22.79 per cent.
NBS reports reads: “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.
“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.
“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%).”
INFORMATION NIGERIA reports that ever since President Bola Ahmed Tinubu announce the removal of fuel subsidy, the price of commodities across all levels have continues to increase.
