Headline inflation now 34.19%, food inflation 40.87% in June – NBS
Headline inflation rate increased by 0.24 percentage points to 34.19 per cent in June from 33.95 per cent in May.
The National Bureau of Statistics (NBS) disclosed this today, Monday, July 15, in its Consumer Price Index for June 2024.
The Bureau also said that food inflation grew to 40.87 per cent in June from 40.66 per cent in May 2024 due to increase in the prices of grain, garri, guinea corn, etc (bread and cereals class), yam, water yam, coco yam (potatoes, yam and other tubers class), among other things.
NBS said: “In June 2024, the headline inflation rate increased to 34.19 per cent relative to the May 2024 headline inflation rate which was 33.95 per cent.
“Looking at the movement, the June 2024 headline inflation rate showed an increase of 0.24 percentage points when compared to the May 2024 headline inflation rate.
“On a year-on-year basis, the headline inflation rate was 11.4 percentage points higher compared to the rate recorded in June 2023, which was 22.79 per cent.
“This shows that the headline inflation rate (year-on-year basis) increased in the month of June 2024 when compared to the same month in the preceding year (i.e. June 2023).
“Furthermore, on a month-on-month basis, the headline inflation rate in June 2024 was 2.31 per cent, which was 0.17 percentage higher than the rate recorded in May 2024 (2.14 per cent). “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.”
On food inflation, the Bureau said: “The Food inflation rate in June 2024 was 40.87 per cent on a year-on-year basis, which was 15.62 percentage points higher compared to the rate recorded in June 2023 (25.25%).
“The rise in food inflation on a year-on-year basis was caused by increases in prices of the following items: Millet Whole grain, Garri, Guinea corn, etc (Bread and Cereals Class), Yam, Water Yam, Coco Yam (Potatoes, Yam & Other Tubers Class), Groundnut Oil, Palm Oil, etc (Oil & Fats Class) and Catfish Dried, Dried Fish-Sadine, Mudfish (Fish Class), etc.
“On a month-on-month basis, the Food inflation rate in June 2024 was 2.55 per cent which shows a 0.26 percent increase compared to the rate recorded in May 2024 (2.28 per cent).
“The rise in Food inflation on a Month-on-Month basis was caused by the rise in the rate of increase in the average prices of Groundnut Oil, Palm Oil, etc (Oil & Fats Class), Water Yam, Coco Yam, Cassava, etc (Potatoes, Yam & Other Tubers Class), Tobacco, Catfish Fresh, Croaker, Mudfish Fresh, Snail, etc, (Fish Class).”
According to NBS, in June food inflation on a year-on-year basis was highest in Edo (47.34 per cent), Kogi (46.37 per cent), Cross River (45.28 per cent), while Nasarawa (34.31 per cent), Bauchi (34.78 per cent) and Adamawa (35.96 per cent), recorded the slowest rise in food inflation on year-on-year basis.
It added: “On a month-on-month basis, however, June 2024 food inflation was highest in Yobe (4.75 per cent), Adamawa (4.74 per cent), and Taraba (4.12 per cent), while Nasarawa (0.14 per cent), Kano (0.96 percent) and Lagos (1.25 percent) recorded the slowest rise in food inflation.”