Nigeria’s headline inflation rate rose to 34.19% in June, according to the National Bureau of Statistics (NBS). This represents a 0.24% increase from the previous rate of 33.95% in May. The food inflation rate also increased to 40.87% on a year-on-year basis, driven by price increases in staples like millet, garri, yam, and groundnut oil.
The NBS report showed that the inflation rate was 11.40% higher than the rate recorded in June 2023, indicating a significant surge in prices over the past year. On a month-on-month basis, the headline inflation rate was 2.31%, slightly higher than the 2.14% recorded in May.
The highest inflation rates were recorded in Bauchi, Kogi, and Oyo states, while Borno, Benue, and Katsina states recorded the slowest rise in inflation. The report also showed that all items inflation rate was highest in Bauchi, Kogi, and Oyo states.
This latest inflation figure may have implications for the country’s economic growth and development, as high inflation rates can erode purchasing power and affect consumer spending.
