News | Events | Digital PR | Advertising

Home News Nigeria’s inflation rises to 34.19% in June
News

Nigeria’s inflation rises to 34.19% in June

Share
Share

Nigeria’s headline inflation increased for the 18th time in June 2024 to 34.19 percent from 33 95 percent recorded in May amid worsening hardship.

The National Bureau of Statistics disclosed this in its latest Consumer Price Index and Inflation report released on Monday.

Looking at the movement, the June 2024 headline inflation rate showed an increase of 0.24 percent points when compared to the May 2024 headline inflation rate.

On a year-on-year basis, the headline inflation rate was 11.40 percent points higher compared to the rate recorded in June 2023, which was 22.79 percent.

This shows that the headline inflation rate (year-on-year basis) increased in June 2024 when compared to the same month in the preceding year (i.e. June 2023).

Furthermore, on a month-on-month basis, the headline inflation rate in June 2024 was 2.31 percent, which was 0.17 percent higher than the rate recorded in May 2024 (2.14 percent).

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.

Accordingly, the country’s inflation rate has been on a steady increase since December 2023 when it stood at 28.92 percent.

The development has seen the prices of goods and services rise in the period under view.

This is as Nigerians continue to groan over the economic hardship caused by price hikes.

Share

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles
News

President Tinubu Provides N2 Billion Relief Fund and 20 Truckloads of Grains for Mokwa Flood Victims

In response to the devastating flooding disaster that struck Mokwa in Niger...

FeaturesNews

Governor Mbah Goes Tough on Native Doctors, Spiritualists, Seeks Legislation For Regulation

Governor Peter Mbah of Enugu State has transmitted an Executive Bill to...

News

EFCC Arrests Fake Journalist, Ernesto Chukwukamma for Alleged Extortion in $4.5bn PTF Fraud Case

The Economic and Financial Crimes Commission (EFCC) has apprehended a 63-year-old suspect,...

FeaturesNews

UK Accused Of Bias After Denying Visa To Nigerian Family

The Home Office has been accused of a “racist crackdown on Nigerians”...