Nigeria's Inflation Climbs to 34.19% in June 2024
Nigeria: Nigeria’s inflation rate surged to 34.19% in June 2024 from 33.95% in May, according to the National Bureau of Statistics. This marks a 0.24% increase from the previous month and an 11.40 percentage point rise compared to June 2023's rate of 22.79%. On a month-on-month basis, the headline inflation rate in June was 2.31%, up from 2.14% in May. Food inflation reached 40.87% year-on-year, driven by higher prices for items such as groundnut oil and palm oil. Core inflation stood at 27.40%, with urban and rural rates at 36.55% and 32.09%, respectively.
In June 2024, Bauchi recorded the highest year-on-year headline inflation at 43.95%, followed by Kogi at 39.91% and Oyo at 39.15%. In contrast, Borno had the slowest year-on-year inflation rise at 25.90%, with Benue at 27.52% and Katsina at 29.21%.
On a month-on-month basis, the highest inflation increases were observed in Yobe at 3.79%, Abuja at 3.45%, and Ondo at 3.38%. Nasarawa experienced the slowest month-on-month inflation increase at 0.71%, followed by Osun at 1.19% and Kano at 1.27%.
Source: Naira Metrics