Nigeria’s inflation rate rose to 34.19 per cent in in June 2024.
This is according to data released by the National Bureau of Statistics, (NBS) on Monday.
The latest inflation data shows an increase of 0.24 per cent points compared to the rate of 33.95 per cent in May 2024.
On a year-on-year basis, the headline inflation rate was 11.40 per cent points higher compared to the rate recorded in June 2023, which was 22.79 per cent.
This shows that the headline inflation rate (year-on-year basis) increased in the month of June 2024 when compared to the same month in the preceding year (i.e. June 2023).
Furthermore, on a month-on-month basis, the headline inflation rate in June 2024 was 2.31%, which was 0.17% higher than the rate recorded in May 2024 (2.14%).
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.
