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Nigeria’s headline inflation rate increased to 34.19% in June 2024 relative to the May 2024 figure of 33.95%, according to data released today by the National Bureau of Statistics (NBS) and presented below.

The June 2024 headline inflation rate showed an increase of 0.24 percentage points when compared to the May 2024 data. On a year-on-year basis, the headline inflation rate was 11.40 percentage points higher compared to the rate recorded in June 2023, which was 22.79%.

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.

On a year-on-year basis, in the month of June 2024, the urban inflation rate was 36.55%, this was 12.23 percentage points higher compared to the 24.33% recorded in June 2023. On a month-on month basis, the urban inflation rate was 2.46% in June 2024, this was 0.11 percentage points higher compared to May 2024 (2.35%). The corresponding twelve-month average for the urban inflation rate was 32.08% in June 2024. This was 9.70 percentage points higher compared to the 22.38% reported in June 2023.

The rural inflation rate in June 2024 was 32.09% on a year-on-year basis; this was 10.71% higher compared to the 21.37% recorded in June 2023. On a month-on-month basis, the rural inflation rate in June 2024 was 2.17%, up by 0.23 percentage points compared to May 2024 (1.94%). The corresponding twelve-month average for the Rural inflation rate in June 2024 was 28.15%. This was 7.39% higher compared to the 20.76% recorded in June 2023.

The food inflation rate in June 2024 was 40.87% on a year-on-year basis, which was 15.62 percentage points higher compared to the rate recorded in June 2023 (25.25%). The rise in food inflation on a year-on-year basis was caused by increases in prices of 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, mudfish (fish class), etc.

On a month-on-month basis, the food inflation rate in June 2024 was 2.55%, which shows a 0.26% increase compared to the rate recorded in May 2024 (2.28%). The rise in food inflation on a month-on-month basis was caused by the rise in the rate of increase in the average prices of groundnut oil, palm oil, etc (oil & fats class), water yam, coco yam, cassava, etc (potatoes, yam & other tubers class), tobacco, catfish fresh, croaker, mudfish fresh, snail, etc, (fish class).

The average annual rate of food inflation for the twelve months ending June 2024 over the previous twelve-month average was 35.35%, which was an 11.31 percentage points increase from the average annual rate of change recorded in June 2023 (24.03%).

The “All items less farm produces and energy” or core inflation, which excludes the prices of volatile agricultural produces and energy stood at 27.40% in June 2024 on a year-on-year basis; up by 7.34% when compared to the 20.06% recorded in June 2023. The highest increases were recorded in prices of rents (actual and imputed rentals for housing class), journey by motorcycle, bus journey intercity, etc (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.

On a month-on-month basis, the core Inflation rate was 2.06% in June 2024. It stood at 2.01% in May 2024, an increase of 0.05%. The average twelve-month annual inflation rate was 24.06% for the twelve months ending June 2024; this was 5.59 percentage points higher than the 18.47% recorded in June 2023.