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LATEST: Nigeria inflation rate skyrockets to 34.19 percent - NBS

By Adedayo Osho 

A release by the National Bureau of Statistics (NBS) on Monday 15th of July, reveals Nigeria’s annual inflation rate increased for the fifth consecutive month to 34.19 per cent.

NBS data states the June figure is 0.24 percent higher than the 33.95 per cent recorded in May. The lowest figure recorded in Nigeria in 2024 was 29.90 percent, in January.

A statement by NBS in respect of the ballooning inflation reads: "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)."

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.

The June figure is 0.24 per cent higher than the 33.95 per cent recorded in May.

The bureau also said on a month-on-month basis, the headline inflation rate in June 2024 was 2.31 per cent, which was 0.17 per cent higher than the rate recorded in May 2024 (2.14 per cent).

NBS said this means 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.

Also in the report, the food inflation rate in June 2024 rose to 40.87 percent on a year-on-year basis, which was 15.62 percent points higher compared to the rate recorded in June 2023 (25.25 percent).