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.
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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.