LAGOS, Nigeria (VOICE OF NAIJA)-The National Bureau of Statistics reported on Monday, July 15, 2024, that Nigeria’s inflation rate rose to 34.19% in June 2024.
This marks a 0.24 percentage point rise from the previous headline inflation rate of 33.95% in May.
The NBS provided this information in its Consumer Price Index and Inflation Report for June 2024.
The CPI tracks the average change over time in the prices of goods and services consumed for everyday living.
The increase exceeded the 34.01% projection by analysts at Meristem Research but was lower than the 34.25% forecast by analysts at Cowry Assets Management Research.
The NBS reported that, on a year-on-year basis, the headline inflation rate was 11.40 percentage points higher than the 22.79% recorded in June 2023.
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Additionally, the month-on-month increase was evident as the headline inflation rate in June 2024 was 2.31%, up from 2.14% in May 2024.
“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 NBS said.
Food Inflation Rate
The changes in the prices of various items, such as millet, garri, yam, groundnut oil, palm oil, and cereals, among others, are reflected in the comparisons of food inflation rates on a year-on-year and month-on-month basis.
On Monday, July 8, 2024, the Federal Government, via the Minister of Agriculture and Food Security, Abubakar Kyari, announced the suspension of duties, tariffs, and taxes on certain essential food items imported through land and sea borders.
The specified food items, including maize, wheat, husked brown rice, and cowpeas, will benefit from a 150-day duty-free import window.
He added that this initiative is part of the Presidential Accelerated Stabilisation and Advancement Plan, which aims to achieve food security and economic stability in the country.
Additionally, the Federal Government opened a 150-day duty-free import window for food commodities to address rising inflation, which has impoverished many Nigerians.
The government also announced its decision to partner with states to increase land cultivation across the country.