BREAKING: Nigeria’s headline inflation increases to 34.19% in June 2024, says NBS
The National Bureau of Statistics (NBS) on Monday disclosed that Nigeria’s headline inflation increased to 34.19 per cent in June 2024 from 33.95 per cent reported in May 2024.
On a month-on-month basis, headline inflation rose by 17basis to 2.31per cent from 22.14 per cent m/m.
According to the report, Food inflation increased by 21basis points to 40.87per cent from 40.66 per cent reported in May 2024.
“The rise in Food inflation on a year-on-year basis was caused by increases in prices of the following items: Millet Whole grain, Garri, Guinea corn, etc (Bread and Cereals Class), Yam, Water Yam, Coco Yam (Potatoes, Yam & Other Tubers Class), Groundnut Oil, Palm Oil, etc (Oil & Fats Class) and Catfish Dried, Dried Fish-Sadine, and Mudfish (Fish Class). On a month-on-month basis, Food inflation increased by 2.55per cent, relative to the 2.28 per cent m/m recorded in the previous month.
“Similarly, the Core inflation increased by 36bps to 27.40per cent y/y (May: 27.04% y/y). The highest increases were recorded in prices of the following items: Rents (Actual and Imputed Rentals for Housing Class), Journey by motorcycle, Bus Journey intercity (under Passenger Transport by Road Class), Accommodation Service, Consultation Fee of a medical doctor, Laboratory service, X-ray photography, etc (under Medical Services Class) and pharmaceutical products. Compared to the previous month, the Core index surged by 5bps to 2.06 per cent m/m in June (May: 2.01 per cent m/m).”
