Just in: Nigeria’s inflation rate now 34.19 percent

The National Bureau of Statistics (NBS) has revealed that Nigeria’s headline inflation rate rose to 34.19 percent in June. This was up from the 33.95 percent recorded in May.

The Bureau stated in the Consumer Price Index (CPI released on Monday in Abuja.

The CPI is the tool used in measuring the rate of change in prices of goods and services.

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According to the figures, the June figure is 0.24 percent higher than the 33.95 per cent recorded in May.

The lowest figure in 2024 was 29.90 per cent recorded in January.

On a year-on-year basis, the headline inflation rate was 11.40 percent points higher compared to the rate recorded in June 2023, which was 22.79 percent.

“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),” the NBS said.

The bureau also said on a month-on-month basis, the headline inflation rate in June was 2.31 percent, which was 0.17 percent higher than the 2.14 percent in May.