Nigeria’s inflation hits 34.19% in June

Nigeria’s headline inflation rate rose to 34.19 per cent in June 2024, up from 33.95 per cent in May. This represents an increase of 0.24 percentage points compared to the previous month. On a year-on-year (YoY) basis, the inflation rate surged by 11.40 percentage points, as it stood at 22.79 per cent in June 2023.

The data indicates a significant rise in the headline inflation rate for June 2024 compared to the same month last year. Additionally, on a month-on-month (MoM) basis, the inflation rate for June was recorded at 2.31 per cent, which is an increase of 0.17 percentage points from May’s rate of 2.14 per cent.

Attribution: National Bureau of Statistics (NBS)