Nigeria’s Inflation Surges to 34.19% in June, Highest in Recent Months

• Fifth Consecutive Rise: Nigeria’s inflation rate reached 34.19% in June 2024, marking the fifth consecutive monthly increase, up from 33.95% in May.
• Year-on-Year Surge: The June figure represents an 11.40 percentage point rise from June 2023’s 22.79%, with the lowest inflation rate in 2024 recorded at 29.90% in January.
• Food Inflation Spike: Food inflation soared to 40.87% year-on-year in June 2024, significantly higher than June 2023’s 25.25%, indicating a faster increase in average price levels.

Annual Nigeria’s Inflation Rate Soars to 34.19% Amid Cost of Living Crisis

Nigeria’s annual inflation rate climbed for the fifth straight month to 34.19% in June 2024.

The National Bureau of Statistics (NBS) released this data on Monday.

This June figure is 0.24% higher than the 33.95% recorded in May.

The lowest inflation rate in 2024 was 29.90%, recorded in January.

Year-on-year, the headline inflation rate is 11.40 percentage points higher than June 2023’s 22.79%.

The NBS noted that the headline inflation rate increased compared to June 2023.

On a month-on-month basis, the headline inflation rate in June 2024 was 2.31%, 0.17% higher than May’s 2.14%.

This indicates a faster increase in the average price level in June compared to May.

Food inflation in June 2024 rose to 40.87% year-on-year, 15.62 percentage points higher than June 2023’s 25.25%.

More details will follow.