Nigeria’s annual inflation rate surged for the fifth consecutive month, reaching 34.19% as the nation contends with a severe cost of living crisis. According to the National Bureau of Statistics (NBS), the June figure is 0.24% higher than the 33.95% recorded in May, marking a continuous rise since the lowest figure of 29.90% recorded in January 2024.
On a year-on-year basis, the headline inflation rate in June 2024 was 11.40 percentage points higher than the 22.79% recorded in June 2023. The NBS noted, “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 report also highlighted that on a month-on-month basis, the headline inflation rate in June 2024 was 2.31%, 0.17 percentage points higher than the 2.14% recorded in May 2024. This indicates a faster increase in the average price level in June 2024 compared to May 2024.
Additionally, the food inflation rate in June 2024 soared to 40.87% on a year-on-year basis, 15.62 percentage points higher than the 25.25% recorded in June 2023, exacerbating the financial strain on residents of Africa’s most populous country.
