The National Bureau of Statistics (NBS) said headline inflation rate increased by 0.24 percentage points to 34.19 per cent in June from 33.95 per cent in May.
The bureau disclosed this on Monday in its Consumer Price Index for June 2024.
“In June 2024, the headline inflation rate increased to 34.19 percent relative to the May 2024 headline inflation rate which was 33.95 percent.
“Looking at the movement, the June 2024 headline inflation rate showed an increase of 0.24 percentage points when compared to the May 2024 headline inflation rate,” the report said.
On a year-on-year basis, the report said headline inflation rate was 11.4 percentage points higher compared to the rate recorded in June 2023, which was 22.79 per cent.
“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 percent, which was 0.17 percentage 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,” it added.
The bureau also said on a month-on-month basis, the headline inflation rate in June 2024 was 2.31 per cent, which was 0.17 per cent higher than the rate recorded in May 2024 (2.14 per cent).
This, it said, 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.
On food inflation, the bureau said: “The food inflation rate in June 2024 was 40.87 percent on a year-on-year basis, which was 15.62 percentage points higher compared to the rate recorded in June 2023 (25.25%). Flagship
It explained that the rise in food inflation on a year-on-year basis was caused by increases in prices of food items like millet whole grain, garri, guinea corn, etc (bread and cereals class), yam, water yam, coco yam (potatoes, yam and other tubers class), groundnut oil, palm oil, etc (oil and fats class) and catfish dried, dried fish-sardine, mudfish (fish class), etc.
On a month-on-month basis, the report said food inflation rate in June 2024 was 2.55 percent which shows a 0.26 percent increase compared to the rate recorded in May 2024 (2.28 percent).
The bureau stressed that in June food inflation on a year-on-year basis was highest in Edo (47.34 percent), Kogi (46.37 percent), Cross River (45.28 percent), while Nasarawa (34.31 percent), Bauchi (34.78 percent) and Adamawa (35.96 percent), recorded the slowest rise in food inflation on year-on-year basis.
“On a month-on-month basis, however, June 2024 food inflation was highest in Yobe (4.75 percent), Adamawa (4.74 per cent), and Taraba (4.12 per cent), while Nasarawa (0.14 per cent), Kano (0.96 per cent) and Lagos (1.25 per cent) recorded the slowest rise in food inflation.
