Nigeria’s annual inflation rate has risen for the fifth consecutive month, reaching 34.19% in June 2024. This increase is attributed to the high cost of living in the country.
According to data released by the National Bureau of Statistics (NBS) on Monday, the inflation rate rose by 0.24% compared to the previous month, May 2024, which recorded an inflation rate of 33.95%.
Compared to the same period last year, June 2023, the headline inflation rate increased by 11.40 percentage points, from 22.79% to 34.19%.
The NBS noted that this indicates a significant rise in the inflation rate over the past year.
On a month-on-month basis, the headline inflation rate in June 2024 was 2.31%, representing a 0.17% increase compared to May 2024.
Furthermore, the food inflation rate in June 2024 rose by 40.87% year-on-year, which is 15.62 percentage points higher than the rate recorded in June 2023 (25.25%).
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