Nigeria’s Inflation Rate Surges To 34.19% In June 2024

Nigeria’s headline inflation rate climbed for the 18th consecutive time in June 2024, reaching 34.19 percent, up from 33.95 percent in May. This increase comes amid worsening economic hardship for many Nigerians.

The National Bureau of Statistics (NBS) revealed this information in its latest Consumer Price Index and Inflation report, released on Monday.

The report highlighted that the June 2024 headline inflation rate showed an increase of 0.24 percentage points compared to the May 2024 rate.

Year-on-year, the headline inflation rate for June 2024 was 11.40 percentage points higher than the 22.79 percent recorded in June 2023. This indicates a significant rise in inflation over the past year.

Additionally, on a month-to-month basis, the headline inflation rate in June 2024 was 2.31 percent, marking a 0.17 percentage point increase from the 2.14 percent rate in May 2024. This suggests that the rate at which prices are rising has accelerated compared to the previous month.

Since December 2023, when the inflation rate stood at 28.92 percent, Nigeria has experienced a steady increase in inflation.

This ongoing trend has led to rising prices for goods and services, exacerbating the economic challenges faced by the population. As a result, many Nigerians continue to struggle with the financial burden caused by these price hikes.

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