Nigeria’s inflation rate has surged to a record high of 34.19% in June, according to data released by the National Bureau of Statistics (NBS) on Monday.
This represents an increase of 0.24 percentage points from the previous headline inflation rate of 33.95% in May.
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The NBS stated that the increase is way higher than projections by analysts at Meristem Research at 34.01% and lower than that of analysts at Cowry Assets Management Research, who had projected 34.25%.
On a year-on-year basis, the headline inflation rate was 11.40 percentage points higher compared to the rate recorded in June 2023, which was 22.79%.
The rate of increase rose month-on-month as the headline inflation rate in June 2024 was 2.31% higher than the rate recorded in May 2024 (2.14%).
“This means that in the month of June 2024, the rate of increase in the average price level is higher than the rate of increase in the average price level in May 2024,” the NBS said.
The Federal Government has announced a 150-day duty-free import window for food commodities to tackle rising inflation, which has impoverished many Nigerians.
The government also expressed its decision to collaborate with states to expand land cultivation nationwide.
According to the NBS, the changes in the prices of different items, such as millet, garri, yam, groundnut oil, palm oil, and cereals, among others, resulted in the comparisons of food inflation rates on year-on-year and month-on-month basis.
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The food inflation rate has been a major concern for the government, with the Minister of Agriculture and Food Security, Abubakar Kyari, announcing the suspension of duties, tariffs, and taxes on some essential food items imported through land and sea borders.
The listed food items, which include maize, wheat, husked brown rice, and cowpeas, will enjoy a 150-day Duty-Free Import Window.
