Abuja, Nigeria
The National Bureau of Statistics (NBS) says the country’s inflation figure has reached a new high of 34.19 % as measured in June 2024.
This represents an increase of 0.24% compared to the inflation figure recorded in May 2024 released by the NBS.
The new inflation inflation rate was contained in a Consumer Price Index (CPI) released on Monday.
The CPI measures the average change over time in the prices of goods and services consumed by people for day-to-day living.
“In June 2024, the headline inflation rate increased to 34.19% relative to the May 2024 headline inflation rate of 33.95%. Looking at the movement, the June 2024 headline inflation rate showed an increase of 0.24% points when compared to the May 2024 headline inflation rate,”
“On a year-on-year basis, the headline inflation rate was 11.40% points higher compared to the rate recorded in June 2023, which was 22.79%.”
As contained in the report, the headline inflation rate, year-on-year basis, moved up in June 2024 when compared to the same month in the last year.
NBS also said on a month-on-month basis, the headline inflation rate in June 2024 was 2.31%, 0.17% higher than the rate recorded in May 2024 (2.14%).
“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 agency said.
