BREAKING: Nigeria’s inflation rate now stands at 34.19 percent

The National Bureau of Statistics (NBS) has revealed that Nigeria’s headline inflation rate rose to 34.19 percent in June.

This figure is up from 33.95 percent recorded in May.

The bureau stated in the Consumer Price Index (CPI) released on Monday in Abuja.

CPI is a tool used to measure the rate of change in prices of goods and services.

According to the figures, June’s figure was 0.24 percent higher than the 33.95 percent recorded in May.

READ ALSO:Nigeria inflation rises to 33.95%

The lowest figure in 2024 was 29.90 percent recorded in January.

On an annual basis, the general inflation rate was recorded at 11.40 percentage points higher than the inflation rate recorded in June 2023, which was 22.79 percent.

“This shows that the general inflation rate (year-on-year) in June 2024 increased compared to the same month in the previous year (June 2023),” said BPS.

The bureau also said that on a monthly basis, the headline inflation rate in June was 2.31 percent, which was 0.17 percentage points higher than 2.14 percent in May.

By: Babajide Okeowo

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