Nigeria’s inflation has surged to a new high, reaching 34.19% in June 2024, according to the latest data from the National Bureau of Statistics (NBS). This marks an increase of 0.24 percentage points compared to May 2024.
The NBS Consumer Price Index (CPI) report, released on Monday, stated, “In June 2024, the headline inflation rate increased to 34.19% relative to the May 2024 headline inflation rate of 33.95%. This represents a 0.24 percentage point increase.”
Year-on-year, the headline inflation rate for June 2024 was significantly higher by 11.40 percentage points compared to June 2023, which recorded 22.79% inflation.
On a month-on-month basis, inflation rose by 2.31% in June 2024, up from 2.14% in May 2024. This indicates a faster rate of increase in the average price level between the two months.
Food prices, a critical component, also saw a notable increase. In June 2024, food inflation rose by 2.55% month-on-month, compared to 2.28% in May 2024. This increase was attributed to higher prices of food items such as oils, tubers, and various types of fish.
The Nigerian government has responded to the escalating food crisis by implementing measures such as suspending duties on key food imports like maize, rice, wheat, and cowpeas for 150 days. Additionally, the government has initiated the procurement of tractors and trailers and established a committee to address food production challenges exacerbated by insecurity and inadequate equipment.
These efforts reflect ongoing attempts to mitigate the impact of soaring inflation and stabilize food prices amid challenging economic conditions in Nigeria.