Inflation Soars to 34.19% in June, Food Prices Drive Increase

The National Bureau of Statistics reported that the headline inflation rate in Nigeria rose to 34.19% in June. Food inflation also surged to 40.87% year-on-year, up 15.62 percentage points from June 2023’s rate of 25.25%.

The report attributed the rise in food inflation to higher prices for items like millet, garri, yam, groundnut oil, palm oil, and various fish. The year-on-year headline inflation rate was 11.40 percentage points higher than the 22.79% recorded in June 2023.

On a month-to-month basis, the headline inflation rate increased to 2.31% in June 2024, slightly higher than May’s 2.14%.

Similarly, food inflation for June 2024 was 2.55%, a 0.26% increase from May’s 2.28%. The highest year-on-year inflation rates were observed in Bauchi, Kogi, and Oyo, while Borno, Benue, and Katsina saw the slowest rises.

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