Nigeria's Inflation Rate Continues to Rise, Reaching 34.19% in June 2024.

As hardships worsened, headline inflation in Nigeria rose for the 18th time in June 2024, increasing from 33.95 percent in May to 34.19 percent. This was revealed in the most recent Consumer Price Index and Inflation data from the National Bureau of Statistics, which was made public on Monday.

When comparing the June 2024 headline inflation rate to the May 2024 headline inflation rate, the movement revealed a 0.24 percentage point gain. Comparing the headline inflation rate from June 2023 to June 2023, which was 22.79 percent, the rate was 11.40 percentage points higher year over year. This demonstrates that in June 2024, the headline inflation rate increased (year over year) in comparison to June 2023, the same month the previous year.

Moreover, the headline inflation rate in June 2024 was 2.31 percent on a month-over-month basis, 0.17 percent higher than the rate in May 2024 (2.14 percent). This indicates that the rate of rise in the average price level in June 2024 is greater than the rate of increase in May 2024.

In light of this, the nation's inflation rate has been steadily rising since December 2023, when it was 28.92 percent. Prices for goods and services have increased along the course of the development. At the same time, Nigerians are still moaning about the financial suffering brought on by price increases.