Nigeria’s inflation rate increased to 34.19% in June 2024, up by 0.24 percentage points from May’s rate of 33.95%, according to the National Bureau of Statistics (NBS). The NBS’s Consumer Price Index (CPI) report, released on Monday, highlighted this surge as part of the ongoing economic challenges facing the nation.
“On a year-on-year basis, the headline inflation rate was 11.40% points higher compared to the rate recorded in June 2023, which was 22.79%,” the NBS report stated. The month-on-month inflation rate for June 2024 was 2.31%, a 0.17% increase from May 2024’s rate of 2.14%.
The report noted a significant rise in food inflation, with a month-on-month increase of 2.55% in June 2024, driven by higher prices for essential food items such as groundnut oil, palm oil, water yam, cocoyam, cassava, tobacco, and various types of fish.
In response to the soaring prices, the Federal Government has implemented several measures, including suspending duties, tariffs, and taxes on the importation of maize, husked brown rice, wheat, and cowpeas for 150 days. The government has also approved the procurement of 2,000 tractors and 1,200 trailers to support agricultural production.
Experts attribute the rising inflation to factors such as insecurity, lack of equipment, and other issues affecting food production in Nigeria.
