The National Bureau of Statistics (NBS) announced that Nigeria’s headline inflation rate rose to 34.19% in June 2024. This was disclosed in the Consumer Price Index (CPI) and Inflation Report for June, released in Abuja on Monday.
According to the report, the June figure is 0.24 percentage points higher than the 33.95% recorded in May 2024. Year-on-year, the headline inflation rate in June 2024 was 11.40 percentage points higher than the 22.79% recorded in June 2023.
On a month-on-month basis, the headline inflation rate in June 2024 was 2.31%, marking a 0.17 percentage point increase from the 2.14% recorded in May 2024. This indicates a higher rate of increase in the average price level in June compared to May 2024.
The report attributed the increase in the headline index for June 2024, both year-on-year and month-on-month, to rising prices of items in the basket of goods and services. Notable increases were observed in food and non-alcoholic beverages, housing, water, electricity, gas, and other fuel, clothing and footwear, and transport. Other sectors experiencing price hikes included furnishings, household equipment and maintenance, education, health, miscellaneous goods and services, restaurants and hotels, alcoholic beverages, tobacco and kola, recreation and culture, and communication.
The report also noted a 30% percentage change in the average CPI for the 12 months ending June 2024 over the average for the previous corresponding 12-month period, an 8.45 percentage point increase compared to the 21.54% recorded in June 2023.
Food inflation in June 2024 increased to 40.87% year-on-year, 15.62 percentage points higher than the 25.25% recorded in June 2023. The rise was driven by higher prices for items such as millet, garri, guinea corn, yam, water yam, cocoyam, groundnut oil, and palm oil. On a month-on-month basis, food inflation was 2.55% in June, a 0.26 percentage point increase from the 2.28% recorded in May 2024, with price increases in groundnut oil, palm oil, water yam, cocoyam, and cassava.
Core inflation, excluding volatile agricultural produce and energy prices, stood at 27.40% year-on-year in June 2024, a 7.34 percentage point rise from the 20.60% recorded in June 2023. The highest increases were in prices for housing rentals, motorcycle journeys, intercity bus journeys, accommodation services, medical consultations, laboratory services, and pharmaceutical products. On a month-on-month basis, core inflation was 2.06% in June 2024, a slight increase from the 2.01% recorded in May 2024.
The urban inflation rate was 36.55% year-on-year in June 2024, 12.23 percentage points higher than the 24.33% recorded in June 2023. On a month-on-month basis, urban inflation was 2.46%, up by 0.11 percentage points from 2.35% in May 2024. Rural inflation was 32.09% year-on-year in June 2024, 10.71 percentage points higher than the 21.37% recorded in June 2023, and 2.17% month-on-month, a 0.23 percentage point increase from 1.94% in May 2024.
Bauchi recorded the highest year-on-year headline inflation rate in June at 43.95%, followed by Kogi at 39.91% and Oyo at 39.19%. Borno had the slowest rise at 25.90%, followed by Benue at 27.52% and Katsina at 29.21%. On a month-on-month basis, Yobe led with 3.79%, followed by Abuja at 3.45% and Ondo at 3.38%, while Nasarawa, Osun, and Kano had the slowest rises at 0.71%, 1.19%, and 1.27%, respectively.
Edo had the highest year-on-year food inflation at 47.34%, followed by Kogi at 46.37% and Cross River at 45.28%. Nasarawa recorded the slowest rise in food inflation at 34.31%, followed by Bauchi at 34.78% and Adamawa at 35.96%. Month-on-month, Yobe had the highest food inflation at 4.75%, followed by Adamawa at 4.74% and Taraba at 4.12%. Nasarawa, Kano, and Lagos had the slowest rises at 0.14%, 0.96%, and 1.25%, respectively.
