• Home
  • About
  • Privacy Policy
  • Contact
  • News
  • Politics
  • Business
  • Technology
  • Health
  • Sports
  • Entertainment
  • Product Reviews
  • How To’s
No Result
View All Result
MondayNuggets
No Result
View All Result

Nigeria’s Inflation Rises to 34.19% in June 2024

Monday Yakubu by Monday Yakubu
July 15, 2024
in Business
0

Nigeria's Inflation Rises to 34.19% in June 2024

Nigeria’s inflation rate surged to 34.19% in June 2024, up from 33.95% in May, according to the National Bureau of Statistics (NBS). This represents a 0.24 percentage point increase from May’s figure.

Compared to June 2023, when the inflation rate was 22.79%, the June 2024 rate is 11.40 percentage points higher. On a month-to-month basis, inflation rose to 2.31% in June from 2.14% in May, indicating a faster increase in prices.

Food Inflation

Food inflation in June 2024 was 40.87% year-on-year, slightly higher than May’s 40.66%. This rate is significantly higher than the 25.25% recorded in June 2023. Month-to-month, food inflation rose to 2.55% in June from 2.28% in May. The NBS attributed this rise to increased prices of items like groundnut oil and palm oil.

Related Stories

  • 26 Million Nigerians Risk Malnutrition Due to Inflation, Says NESG
  • Inflation Drives Companies’ Cost of Sales Up by 29% to N5.4 Trillion

Core Inflation

Core inflation, which excludes food and energy prices, stood at 27.40% year-on-year in June 2024, up from 20.06% in June 2023. Month-to-month, core inflation increased slightly to 2.06% in June from 2.01% in May. The average twelve-month annual inflation rate was 24.06% for the period ending June 2024, compared to 18.47% in June 2023.

Urban and Rural Inflation

Urban inflation was 36.55% year-on-year in June 2024, higher than the 24.33% recorded in June 2023. Month-to-month, urban inflation increased to 2.46% from 2.35% in May.

Rural inflation reached 32.09% year-on-year in June 2024, up from 21.37% in June 2023. On a month-to-month basis, rural inflation rose to 2.17% in June from 1.94% in May.

Inflation Rates in States

In June 2024, Bauchi had the highest inflation rate at 43.95%, followed by Kogi at 39.91% and Oyo at 39.15%. Borno, Benue, and Katsina had the slowest rises in headline inflation, at 25.90%, 27.52%, and 29.21% respectively.

On a month-to-month basis, Yobe saw the highest increase at 3.79%, followed by Abuja at 3.45% and Ondo at 3.38%. Nasarawa, Osun, and Kano had the slowest month-to-month inflation increases, at 0.71%, 1.19%, and 1.27% respectively.


Tags: InflationNigeriaRises

Related Posts

Business

Dangote Plans to Build Nigeria’s Deepest Seaport

July 16, 2025
Business

Dangote Says NNPC Refineries May Never Work Again

July 11, 2025
Business

Five Banks Reach CBN Recapitalisation Target Before Deadline

July 7, 2025
Business

Petrol Marketers Refuse to Cut Prices Despite Dangote’s Reduction

July 2, 2025
Business

Nigerians Earning Below N250,000 Monthly Will Not Pay Income Tax – Oyedele

June 27, 2025
Business

Telegram CEO Durov to Share $17 Billion Fortune with 106 Children

June 20, 2025
Load More

Leave a Reply Cancel reply

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

Mondaynuggets

© 2025 MondayNuggets.

The best sites to buy Instagram followers in 2024 are easily Smmsav.com and Followersav.com. Betcasinoscript.com is Best sites Buy certified Online Casino Script. buy instagram followers buy instagram followers Online Casino

Navigate Site

  • News
  • Politics
  • Business
  • Technology
  • Health
  • Sports
  • Entertainment
  • Product Reviews
  • How To’s

Connect With Us on Social Media

No Result
View All Result
  • News
  • Politics
  • Business
  • Technology
  • Health
  • Sports
  • Entertainment
  • Product Reviews
  • How To’s

© 2025 MondayNuggets.