The latest consumer price index (CPI) report by the National Bureau of Statistics (NBS) shows that inflation has surged to 34.19% from 33.95% in May 2024.
The report shows that "the June 2024 headline inflation rate showed an increase of 0.24% points when compared to the May 2024 headline inflation rate."
On a year-on-year basis, the headline inflation rate was 11.40% points higher compared to the rate recorded in June 2022, which was 22.79%.
Food inflation rate was 40.87% on a year-on-year basis, which was 15.62% points higher compared to the rate recorded in June 2023 (25.25%).
The report revealed that the rise in food inflation was caused by increases in the prices of millet, whole grain, garri, guinea corn (bread and cereal class), yam, water yam, coco yam (potatoes, yam & other tubers class), groundnut oil, palm oil (oil & fats class) and dried catfish, dried fish-sardine, mudfish (fish class).
The report also noted that the highest increases were recorded in the prices of rents (actual and imputed rentals for housing class), journey by motorcycle, intercity bus journey (under passenger transport by road class), accommodation service, consultation fee of a medical doctor, laboratory service, X-ray photography (under medical services class), and pharmaceutical products.
Food Inflation Rate by States
Looking at the rate of food inflation on a year-on-year basis according to states, the report revealed that Bauchi State with 43.95% was the highest.
Bauchi was closely followed by "Kogi (39.91%), and Oyo (39.15%), while Borno (25.90%), Benue (27.52%) and Katsina (29.21%) recorded the slowest rise in headline inflation on Year-on-Year basis."
However, on a month-on-month basis, "June 2024 recorded the highest increases in Yobe (3.79%), Abuja (3.45%), Ondo (3.38%), while Nasarawa (0.71%), Osun (1.19%) and Kano (1.27%) recorded the slowest rise on Month-on-Month inflation," the report said
