PeakNews Online
Nigeria’s inflation rate surged to 34.19% in June 2024, according to data released by the National Bureau of Statistics (NBS) on Monday. This marks a 0.24 percentage point increase from the previous rate of 33.95% recorded in May.
The NBS detailed these figures in its Consumer Price Index (CPI) and Inflation Report for June 2024. The CPI tracks the average change over time in the prices of goods and services used for daily living.
The June inflation rate exceeded projections by analysts at Meristem Research, who estimated a 34.01% rate, but fell short of Cowry Assets Management Research’s forecast of 34.25%.
Year-on-year, the headline inflation rate was 11.40 percentage points higher than the 22.79% recorded in June 2023. Month-on-month, the June 2024 rate rose by 2.31%, up from 2.14% in May 2024.
“This means that in June 2024, the rate of increase in the average price level was higher than in May 2024,” the NBS explained.
The report highlighted significant price changes in items such as millet, garri, yam, groundnut oil, palm oil, and cereals, contributing to the variations in food inflation rates on both a yearly and monthly basis.
In response to the escalating inflation, the Federal Government, through the Minister of Agriculture and Food Security, Abubakar Kyari, announced the suspension of duties, tariffs, and taxes on some essential food items imported via land and sea borders on Monday, July 8, 2024.
The suspended items, including maize, wheat, husked brown rice, and cowpeas, will benefit from a 150-day duty-free import window. Kyari stated that this measure is part of the Presidential Accelerated Stabilisation and Advancement Plan, aimed at ensuring food security and economic stability in the country.
Furthermore, the government expressed its intent to collaborate with states to expand land cultivation nationwide, stepping up efforts to combat rising inflation that has adversely affected many Nigerians.
