Nigeria’s inflation rate rose to 34.19% in June 2024.
This is according to a National Statistics Bureau (NBS) data released on Monday July 15, 2024.
In May, the headline inflation stood at 33.95% and this represents an increase of 0.24%.
On a year-on-year basis, the headline inflation rate was 11.40 percentage points higher than the rate recorded in June 2023, which was 22.79 percent.
This indicates that the headline inflation rate (year-on-year basis) rose in June 2024 compared to the same month in the previous year (i.e., June 2023).
Additionally, on a month-on-month basis, the headline inflation rate in June 2024 was 2.31 percent, which was 0.17 percent higher than the rate recorded in May 2024 (2.14 percent).
This signifies that in June 2024, the rate of increase in the average price level was higher than the rate of increase in the average price level in May 2024.
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