Nigeria’s inflation rate has surged to a new high, reaching 34.19% in June 2024, according to the latest data from the National Bureau of State Statistics (NBS).
This marks an increase of 0.24 percentage points compared to May 2024.
In June 2024, the headline inflation rate increased to 34.19%, up from 33.95% in May 2024.
This represents an increase of 0.24 percentage points,” the NBS reported in its Consumer Price Index (CPI) release on Monday. The CPI measures the average change over time in the prices of goods and services consumed by households.
On a year-on-year basis, the headline inflation rate was 11.40 percentage points higher than in June 2023, when it stood at 22.79%.
The NBS highlighted that the headline inflation rate has seen a significant year-on-year increase in June 2024 compared to the same month the previous year.
