Nigeria’s inflation rate has reached a new high, surging to 34.19 percent in June 2024, according to the latest data from the National Bureau of Statistics (NBS).
This represents a significant increase of 0.24 percentage points from May’s figure of 33.95 percent and a staggering 11.40 percentage points higher compared to June 2023 (22.79 percent).
The report highlights a concerning trend of rising prices across the board, putting a strain on household budgets. Food inflation, a key driver of overall inflation, reached a worrying 40.87 percent in June. This means Nigerians are paying significantly more for essential food items, pushing basic necessities beyond the reach of many.
The NBS report comes amidst growing anxieties about the rising cost of living in Africa’s most populous nation. Residents are struggling to make ends meet as the purchasing power of the naira continues to erode.
