Abuja, July 15, 2024 – Nigeria’s headline inflation rate rose to 34.19% in June from 33.95% in May 2024.
The Nigeria Bureau of Statistics (NBS) disclosed this in its Consumer Price Index (CPI) and Inflation Report for June released in Abuja on Monday.
According to the report, the figure is 0.24% higher than the 33.95% recorded in May 2024.
On a year-on-year basis, the headline inflation rate in June 2024 was 11.40% higher than the rate recorded in June 2023 at 22.79%.
The report also indicated that 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 at 2.14%.
“This means that in 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.”
The report also showed the increase in the headline index for June 2024 on a year-on-year basis and month-on-month basis was attributed to the increase in some items in the basket of goods and services at the divisional level.
It further showed that the increases were observed in food and non-alcoholic beverages, housing, water, electricity, gas, and other fuel, clothing and footwear, and transport.
Others were furnishings, household equipment and maintenance, education, health, miscellaneous goods and services, restaurants and hotels, alcoholic beverages, tobacco and kola, recreation and culture, and communication.
It said the percentage change in the average CPI for the 12 months ending June 2024 over the average of the CPI for the previous corresponding 12-month period was 30%.
“This indicates an 8.45% increase compared to 21.54% recorded in June 2023.”
The report said the food inflation rate in June 2024 increased to 40.87% on a year-on-year basis, which was 15.62% higher compared to the rate recorded in June 2023 at 25.25%.
“The rise in food inflation on a year-on-year basis is caused by increases in prices of Millet Whole grain, Garri, Guinea corn, Yam, Water Yam, Coco Yam Groundnut Oil, Palm Oil, etc.
“Others are Catfish Dried, Dried Fish-Sardine, Mudfish, etc.”
It said on a month-on-month basis, the food inflation rate in June was 2.55%, which was a 0.26% increase compared to the rate recorded in May 2024 at 2.28%.
“The rise in food inflation on a month-on-month basis was caused by an increase in the average prices of Groundnut Oil, Palm Oil, Water Yam, Coco Yam, Cassava, etc.
“Others are Tobacco, Catfish Fresh, Croaker, Mudfish Fresh, Snail, etc,”
The report showed that “all items less farm produce and energy’’ or core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 27.40% in June on a year-on-year basis.
“This increased by 7.34% compared to 20.60% recorded in June 2023.’’
“The exclusion of the PMS is due to the deregulation of the commodity by removal of subsidy.”
It said the highest increases were recorded in prices of Actual and Imputed Rentals for Housing Class, Journey by motorcycle, Bus Journey intercity, etc.
“Others are Accommodation Service, X-ray photography, Consultation Fee of a medical doctor, Laboratory service, and Pharmaceutical products, among others.”
The NBS said on a month-on-month basis, the core inflation rate was 2.06% in June 2024.
“This indicates a 0.05% increase compared to what was recorded in May 2024 at 2.01%.”
“The average 12-month annual inflation rate was 24.06% for the 12 months ending June 2024, this was 5.59% points higher than the 18.47% recorded in June 2023.”
The report said on a year-on-year basis in June 2024, the urban inflation rate was 36.55%, which was 12.23% higher compared to the 24.33% recorded in June 2023.
“On a month-on-month basis, the rural inflation rate was 2.17%, which increased by 0.23% compared to May 2024 at 1.94%.’’
On states’ profile analysis, the report showed that in June, all items’ inflation rate on a year-on-year basis was highest in Bauchi at 43.95%, followed by Kogi at 39.91%, and Oyo at 39.19%.
It, however, said the slowest rise in headline inflation on a year-on-year basis was recorded in Borno at 25.90%, followed by Benue at 27.52%, and Katsina at 29.21%.
The report, however, said in June 2024, all items inflation rate on a month-on-month basis was highest in Yobe at 3.79%, followed by Abuja at 3.45%, and Ondo at 3.38%.
“Nasarawa at 0.71%, followed by Osun at 1.19% and Kano at 1.27% recorded the slowest rise in month-on-month inflation.”
The report said on a year-on-year basis, food inflation was highest in Edo at 47.34%, followed by Kogi at 46.37%, and Cross River at 45.28%.
“Nasarawa at 34.31%, followed by Bauchi at 34.78% and Adamawa at 35.96% recorded the slowest rise in food inflation on a year-on-year basis.’’
The report, however, said on a month-on-month basis, food inflation was highest in Yobe at 4.75%, followed by Adamawa at 4.74%, and Taraba at 4.12%.
“While Nasarawa at 0.14%, followed by Kano at 0.96% and Lagos at 1.25%, recorded the slowest rise in inflation on a month-on-month basis.”
