Nigeria’s inflation rate increased to 34.19% in June 2024, according to data released by the National Bureau of Statistics on Monday, June 15, 2024.
This represents an increase of 0.24 per cent points from the previous headline inflation rate of 33.95 per cent in May.
This NBS stated this in its Consumer Price Index and Inflation Report for June 2024.
The CPI measures the average change over time in the prices of goods and services consumed by people for day-to-day living.
The increase is way higher than projections by analysts at Meristem Research at 34.01 per cent and lower than that of analysts at Cowry Assets Management Research, who had projected 34.25 per cent.
According to NBS, on a year-on-year basis, the headline inflation rate was 11.40 per cent points higher compared to the rate recorded in June 2023, which was 22.79 per cent.
Also, the rate of increase rose month-on-month as the headline inflation rate in June 2024 was 2.31 per cent higher than the rate recorded in May 2024 (2.14 per cent).
“This means that in the month of June 2024, the rate of increase in the average price level is higher than the rate of increase in the average price level in May 2024,” the NBS said.
– Food inflation rate –
The changes in the prices of different items, for instance, millet, garri, yam, groundnut oil, palm oil, and cereals, among others; result in the comparisons of food inflation rates on year-on-year and month-on-month basis, as depicted in the graphs below:
On Monday, July 8, 2024, the Federal Government, through the Minister of Agriculture and Food Security, Abubakar Kyari announced the suspension of duties, tariffs and taxes on some essential food items imported through land and sea borders.
The listed food items, which include maize, wheat, husked brown rice, and cowpeas, will enjoy a 150-day Duty-Free Import Window.
He added that the move is part of the Presidential Accelerated Stabilisation and Advancement Plan, which aims to achieve food security and economic stability in the country.
This was as the FG opened a 150-day duty-free import window for food commodities as it stepped up efforts to tackle rising inflation which had impoverished many Nigerians.
The government also expressed its decision to collaborate with states to expand land cultivation nationwide.
