July 15, (THEWILL) – Nigeria’s inflation has jumped in June 2024 to 34.19 percent, from 33 95 percent recorded in May, the National Bureau of Statistics (NBS) disclosed in its latest Consumer Price Index (CPI) and Inflation report released on Monday.
The June 2024 headline inflation rate showed an increase of 0.24 percent when compared to the May 2024 headline inflation rate.
On a year-on-year basis, the headline inflation rate was 11.40 percent points higher compared to the rate recorded in June 2023, which was 22.79 percent. This shows that the headline inflation rate (year-on-year basis) increased in June 2024 when compared to the same month in the preceding year (i.e. June 2023).
According to the NBS, on a month-on-month basis, the headline inflation rate in June 2024 was 2.31 percent, which was 0.17 percent higher than the rate recorded in May 2024 (2.14 percent). 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 bureau added that the percentage change in the average CPI for the twelve-month ending June 2024 over the average of the CPI for the previous twelve-month period was 30.00%, showing an 8.45% increase compared to 21.54% recorded in June 2023.
The report revealed that on a year-on-year basis, in June 2024, the Urban inflation rate was 36.55%, which was 12.23% points higher compared to the 24.33% recorded in June 2023.
“On a month-on-month basis, the Urban inflation rate was 2.46% in June 2024, this was 0.11% points higher compared to May 2024 (2.35%). The corresponding twelve-month average for the Urban inflation rate was 32.08% in June 2024. This was 9.70 % points higher compared to the 22.38% reported in June 2023″, it stated.
The Bureau said the Rural inflation rate in June 2024, was 32.09% on a year-on-year basis, which was 10.71% higher compared to the 21.37% recorded in June 2023.
“On a month-on-month basis, the Rural inflation rate in June 2024, was 2.17%, up by 0.23% points compared to May 2024, (1.94%). The corresponding twelve-month average for the Rural inflation rate in June 2024, was 28.15%. This was 7.39% higher compared to the 20.76% recorded in June 2023″, the report added.
