Nigeria’s inflation rate increased to 34.19% in June 2024, this is according to data released by the National Bureau of Statistics on Monday.
This represents an increase of 0.24 percent points from the previous headline inflation rate of 33.95 percent in May.
This is stated in NBS’s 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.
The increase is way higher than projections by analysts at Meristem Research at 34.01 percent and lower than that of analysts at Cowry Assets Management Research, who had projected 34.25 percent.
According to NBS, 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.
Also, the rate of increase rose month-on-month as the headline inflation rate in June 2024 was 2.31 percent higher than the rate recorded in May 2024 (2.14 percent).
“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,” the NBS said.
