Nigeria’s inflation rate soared to 34.19% in June 2024, according to the latest figures released by the National Bureau of State Statistics (NBS).
This marks an increase of 0.24 percentage points from the May 2024 inflation rate of 33.95%.
The NBS, in its Consumer Price Index (CPI) report, which tracks the average change in prices of goods and services over time, noted, “In June 2024, the headline inflation rate increased to 34.19% relative to the May 2024 headline inflation rate which was 33.95%.
Looking at the movement, the June 2024 headline inflation rate showed an increase of 0.24% points when compared to the May 2024 headline inflation rate.”
On a year-on-year basis, the headline inflation rate was 11.40 percentage points higher than in June 2023, when it was recorded at 22.79%.
The report also highlighted a month-on-month increase, with June 2024’s headline inflation rate at 2.31%, up by 0.17 percentage points from May 2024’s rate of 2.14%. The NBS explained, “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.”
Food inflation contributed significantly to this surge.
On a month-on-month basis, the food inflation rate in June 2024 was 2.55%, showing a 0.26 percentage point increase from the 2.28% recorded in May 2024.
The NBS attributed this rise to higher prices of food items such as groundnut oil, palm oil, water yam, cocoyam, cassava, and various fish species like catfish, croaker, and mudfish.
In response to the escalating prices of essential commodities, the Federal Government has introduced several measures.
Recently, it suspended duties, tariffs, and taxes on the importation of maize, husked brown rice, wheat, and cowpeas through the country’s land and sea borders for 150 days.
Additionally, the government approved the procurement of 2,000 tractors and 1,200 trailers, and established a committee to address the ongoing food crisis.
Experts have pointed to insecurity, lack of equipment, and other issues as major challenges affecting food production in Nigeria, further exacerbating the inflation crisis.
As Nigerians grapple with the increasing cost of living, the government continues to seek solutions to stabilize the economy and ensure food security across the nation.