July 15, 2024.
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Nigeria’s headline inflation rate climbed by 24 basis points to 34.19% in June, according to data released by the National Bureau of Statistics (NBS) today. The outturn outstripped analysts estimates of 33.94% .
The pressure was broad-based as the food and core inflation baskets increased by 21 basis points and 36 basis points to 40.87% and 27.40%, respectively. In June 2024, the headline inflation rate increased to 34.19% relative to the May 2024 headline inflation rate, which was 33.95%, the statistical office said today.
NBS said the June 2024 headline inflation rate showed an increase of 0.24% points when compared to the May 2024 headline inflation rate. 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%.
This shows that the headline inflation rate increased year-on-year in June 2024 when compared to the same month in the preceding year 2023. Furthermore, on a month-on-month basis, the headline inflation rate was 2.31%, which was 0.17% higher than the rate recorded in May 2024 at 2.14%.
NBS said this means that in the month of 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 percentage change in the average CPI for the twelve-month period ending June 2024 over the average of the CPI for the previous twelve-month period was 30.00%, showing an 8.45% increase compared to 21.54% recorded in June 2023.
URBAN INFLATION
Urban inflation rate was 36.55%, 12.23% higher compared to the 24.33% recorded in June 2023. On a month-on-month basis, the Urban inflation rate was 2.46%, 0.11% higher compared to May 2024 when it was 2.35%.
NBS stated that the corresponding twelve-month average for the urban inflation rate was 32.08% in June 2024. This was 9.70 % points higher compared to the 22.38% reported in June 2023.
RURAL INFLATION
The Rural inflation was 32.09% on a year-on-year basis; 10.71% higher compared to the 21.37% recorded in June 2023. On a month-on-month basis, the rural inflation rate settle at 2.17%, up by 0.23% points compared to May 2024 when it printed at 1.94%.
The corresponding twelve-month average for the rural inflation rate in June 2024 was 28.15%. This was 7.39% higher compared to the 20.76% recorded in June 2023. The Food inflation rate reached 40.87% in June, which was 15.62% points higher year on year compared to 25.25% recorded in June 2023.
NBS said the rise in Food inflation on a year-on-year basis was caused by increases in prices of Millet Whole grain, Garri, Guinea corn, etc (Bread and Cereals Class), Yam.
This include surge in prices of Water Yam, Coco Yam, Groundnut Oil, Palm Oil, etc (Oil & Fats Class) and Catfish Dried, Dried Fish-Sadine, Mudfish (Fish Class), etc.
On a month-on-month basis, the food inflation rate printed at 2.55%, which shows a 0.26% increase compared to 2.28% recorded in May 2024. NBS stated that the rise in food inflation on a month-on-month basis was caused by the rise in the rate of increase in the average prices of groundnut oil, palm oil, water yam, coco yam, cassava, tobacco, catfish fresh, croaker, mudfish fresh, snail, etc
The average annual rate of food inflation for the twelve months ending June 2024 over the previous twelve-month average was 35.35%, which was an 11.31% increase from the average annual rate of change recorded in June 2023 (24.03%). (www.naija247news.com).
