By Adedapo Adesanya
Nigeria’s inflation showed no sign of slowing as it jumped to 34.19 per cent in June 2024 from 33.95 per cent in May, the latest data from the National Bureau of Statistics (NBS) released on Monday showed.
Looking at the movement, the June 2024 headline inflation rate showed an increase of 0.24 per cent points when compared to the May 2024 headline inflation rate.
This came amid increases in food costs, housing, water, electricity, gas and other fuels, and transport.
On a year-on-year basis, the headline inflation rate was 11.40 per cent points higher than the 22.79 per cent recorded in June 2023.
This shows that the headline inflation rate (year-on-year basis) increased in June 2024 when compared to the same month in the preceding year (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 per cent higher than the 2.14 per cent recorded in May 2024.
This implies that in June 2024, the rate of increase in the average price level is higher than in the average price level in May 2024.
The food inflation rate in June 2024 also jumped to 40.87 per cent on a year-on-year basis, which was 15.62 per cent points higher compared to the 25.25 per cent posted in June 2023, while on a month-on-month basis, the food inflation rate in June 2024 was 2.55 per cent which shows a 0.26 per cent increase compared to the 2.28 per cent recorded in May 2024.
The rise in food inflation was caused by increases in prices of millet whole grain, garri, guinea corn, bread and cereals, yam, water yam, coco yam (potatoes, yam & other tubers classes), groundnut oil, palm oil, and fish among others.
This rise further raises worries for Nigerians facing a high cost of living and having to contend with further rises in basic needs.
Promises of palliative measures by the government have not circulated and many other infrastructural benefits announced by President Bola Tinubu have not picked up.
