Headline Inflation Rises to 34.19% in June, As Food Inflation Hits 40.87%

The National Bureau of Statistics (NBS) reported on Monday that the headline inflation rate in June 2024 increased by 0.24 percentage points to 34.19% from 33.95% in May. This data was disclosed in the bureau’s Consumer Price Index for June 2024.

The NBS also highlighted a rise in food inflation, which grew to 40.87% in June from 40.66% in May. This increase was attributed to higher prices for items such as millet whole grain, garri, guinea corn (bread and cereals class), yam, water yam, and coco yam (potatoes, yam, and other tubers class), among others.

The bureau stated: “In June 2024, the headline inflation rate increased to 34.19% relative to the May 2024 headline inflation rate of 33.95%. Looking at the movement, the June 2024 headline inflation rate showed an increase of 0.24 percentage points compared to May 2024. On a year-on-year basis, the headline inflation rate was 11.4 percentage points higher compared to June 2023, which was 22.79%.”

The statement continued: “This shows that the headline inflation rate on a year-on-year basis increased in June 2024 compared to the same month in the preceding year. Furthermore, on a month-on-month basis, the headline inflation rate in June 2024 was 2.31%, which was 0.17 percentage points higher than the rate recorded in May 2024 (2.14%). This means that in June 2024, the rate of increase in the average price level is higher than in May 2024.”

Regarding food inflation, the bureau reported: “The food inflation rate in June 2024 was 40.87% on a year-on-year basis, 15.62 percentage points higher than June 2023 (25.25%). The rise in food inflation was driven by increases in prices of items such as millet whole grain, garri, guinea corn (bread and cereals class), yam, water yam, coco yam (potatoes, yam, and other tubers class), groundnut oil, palm oil (oil and fats class), and catfish dried, dried fish-sardine, mudfish (fish class).”

“On a month-on-month basis, the food inflation rate in June 2024 was 2.55%, a 0.26 percentage point increase compared to May 2024 (2.28%). This rise was due to the increase in prices of items like groundnut oil, palm oil (oil and fats class), water yam, coco yam, cassava (potatoes, yam, and other tubers class), tobacco, catfish fresh, croaker, mudfish fresh, and snail (fish class).”

According to the NBS, in June, food inflation on a year-on-year basis was highest in Edo (47.34%), Kogi (46.37%), and Cross River (45.28%), while Nasarawa (34.31%), Bauchi (34.78%), and Adamawa (35.96%) recorded the slowest rise. On a month-on-month basis, June 2024 food inflation was highest in Yobe (4.75%), Adamawa (4.74%), and Taraba (4.12%), while Nasarawa (0.14%), Kano (0.96%), and Lagos (1.25%) saw the slowest rise.