Nigeria's annual inflation rate surged for the sixth month in a row to 34.19 percent as the country grapples with a high cost of living.
The June result, issued on Monday by the National Bureau of Statistics (NBS), is 0.24 percent higher than the 33.95 percent recorded in May. The lowest figure for 2024 was 29.90 percent, recorded in January.
On a year-on-year basis, the headline inflation rate was 11.40 percent higher than the rate reported in June 2023 (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),” the NBS said.
According to NBS, 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), implying that the rate of increase in the average price level in June 2024 is greater than the rate of increase in the average price level in May 2024.
According to the NBS, the food inflation rate in June 2024 increased 40.87 percent year on year, which was 15.62 percent more than the rate in June 2023 (25.25 percent).
