Nigeria Headline Inflation Rate Rises To 34.19 Percent

The average rate of inflation in Nigeria climbed to 34.19% in June, as reported by the National Bureau of Statistics (NBS).

The report indicated that the cost of food inflation surged to 40.87% over the past year, marking a 15.62% increase from the June 2023 figure of 25.25%.

It was noted that the jump in food prices was attributed to the rising costs of Millet Whole Grain, Garri, Guinea Corn, among others (Bread and Cereals Class), Yam, Water Yam, Coco Yam (Potatoes, Yam & Other Tubers Class), Groundnut Oil, Palm Oil, among others (Oil & Fats Class), and Catfish Dried, Dried Fish-Sadine, Mudfish (Fish Class), among others.

“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%. 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).”

“Furthermore, on a month-on-month basis, the headline inflation rate in June 2024 was 2.31%, which was 0.17% higher than the rate recorded in May 2024 (2.14%).”

“The rise in Food inflation on a Month-on-Month basis was caused by the rise in the rate of increase in the average prices of Groundnut Oil, Palm Oil, etc (Oil & Fats Class), Water Yam, Coco Yam, Cassava, etc (Potatoes, Yam & Other Tubers Class), Tobacco, Catfish Fresh, Croaker, Mud-fish Fresh, Snail, etc, (Fish Class),” the report noted.

The data indicated that the rate of inflation for all goods and services over the course of a year was at its peak in Bauchi (43.95%), followed by Kogi (39.91%), and Oyo (39.15%), with Borno (25.90%), Benue (27.52%), and Katsina (29.21%) showing the least increase in overall inflation over the year.

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Looking at inflation rates on a month-to-month basis, June 2024 saw the sharpest increases in Yobe (3.79%), Abuja (3.45%), Ondo (3.38%), while Nasarawa (0.71%), Osun (1.19%), and Kano (1.27%) experienced the mildest inflation growth on a month-to-month basis.