Nigeria’s Inflation Hits Record High of 34.19% in June 2024

The latest report from the National Bureau of Statistics (NBS) has unveiled a concerning milestone for Nigeria’s economy, revealing that inflation soared to a new peak of 34.19% in June 2024.

This surge underscores the relentless escalation in the prices of essential goods, making them increasingly unaffordable for millions across the nation.

Compared to May 2024, the inflation rate climbed by 0.24 percentage points, marking a sharp increase in the cost of living over a one-month period. Year-on-year comparisons paint an even starker picture, with June 2024’s inflation rate shooting up by 11.40% points compared to June 2023, when it stood at 22.79%.

The NBS detailed that on a month-on-month basis, the headline inflation rate for June 2024 reached 2.31%, up from 2.14% in May 2024. This indicates a persistent upward trend in the average prices of goods and services crucial for daily living across the country.

In its Consumer Price Index (CPI) report, which tracks changes in consumer spending patterns, the NBS explained, “In June 2024, headline inflation surged to 34.19%, surpassing the May 2024 figure of 33.95%. This increase reflects a notable uptick in the overall price level, as observed across various sectors of the economy.”

The mounting inflationary pressures highlight deepening economic challenges for Nigeria, where food prices especially have seen steep hikes, impacting household budgets and exacerbating financial strain nationwide.