Nigeria’s inflation rate in June 2024 surged from 33.95% in May 2024 to 34.19%, according to the latest report from the National Bureau of Statistics (NBS).
The headline inflation rate in June 2024 increased by 0.24% points when compared to the figure for May 2024.
Persecondnews reports that the latest figure marks the highest rate since March 1996, amid the removal of fuel subsidies and a weakening local currency.
Food inflation, which accounts for the bulk of Nigeria’s inflation basket, surged to a record high of 40.87% in June, compared to May’s reading of 40.66%, boosted by price increases in bread, cereal, potatoes, and fish.
Additional upward pressure came from the prices of housing and utilities (30.3% vs. 29.6%) and beverages and tobacco (24.1% vs. 23.3%).
In contrast, prices eased for clothing and footwear (16.4% vs. 16.6%) and recreation and culture (9.1% vs. 9.5%), while transport maintained the same rate of increase (25.6%).
The annual core inflation rate, which excludes farm produce and energy, reached a new record high of 27.40% in June. On a monthly basis, consumer prices rose by 2.3% in June, after a 2.14% increase in May.
In Nigeria, the Consumer Price Index (CPI) measures the change in prices over time for 740 goods and services consumed by people for day-to-day living.
The index weights are based on the expenditures of both urban and rural households in the 36 states.
The most important categories in the CPI are: food and non-alcoholic beverages (52% of the total weight), housing, water, electricity, gas, and other fuels (17%), and clothing and footwear (8%).
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