….As Food Inflation Surges To 40.87% Y-o-Y
The National Bureau of Statistics (NBS) on Monday reported that Nigeria’s headline inflation rate marginally rose to 34.19% in June 2024 relative to the 33.95% rate recorded in the preceding month, representing 0.24% points increase month-on-month.
The Bureau, in its published ‘CPI and Inflation Report June 2024’ on its website stated that on a year-on-year basis, the headline inflation rate was 11.40% points higher compared to the 22.79% rate recorded in the corresponding month of last year.
The statistics agency further disclosed that on a month-on-month basis, the headline inflation rate in June 2024 was 2.31%, which was 0.17% higher than the 2.14% rate recorded in May 2024.
According to the data, the CPI analysis month-on-month showed that in June this year, 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 report also reflected that Urban inflation rate in June 2024 surged to 36.55%, indicating 12.23% points higher compared to the 24.33% recorded in June 2023 while on a month-on-month basis, it rose to 2.46% in June 2024, showing 0.11% points higher compared to 2.35% rate recorded in the preceding month.
In addition, the Bureau reported that the corresponding 12-month average for the Urban inflation rate was 32.08% in June 2024, indication 9.70 % points higher compared to the 22.38% reported in June 2023.
On the general price level trend in rural areas, the Rural inflation rate in June 2024 was 32.09% on a year-on-year basis, which was 10.71% higher compared to the 21.37% recorded in June last year, while on a month-on-month basis, the Rural inflation rate in June this year marginally increased to 2.17%, increasing by 0.23% points compared to 1.94% recorded in May 2024.
The NBS further clarified that the corresponding 12-month average for the Rural inflation rate in June 2024 rose to 28.15%, which was 7.39% higher compared to the 20.76% recorded in June 2023.
Similarly, it reported that in the month under review, the Food inflation rate surged to 40.87% on a year-on-year basis, which was 15.62% points higher compared to the 25.25% rate recorded in the corresponding period of last year.
The Bureau attributed the rise in Food inflation on a year-on-year basis was caused by increases in prices of Millet Whole grain, Garri, Guinea corn, etc (Bread and Cereals Class), Yam, Water Yam, Coco Yam (Potatoes, Yam & Other Tubers Class), Groundnut Oil, Palm Oil, etc (Oil & Fats Class) and Catfish Dried, Dried Fish-Sadine, Mudfish (Fish Class), etc.
It added that on a month-on-month basis, the Food inflation rate in the month under review increased to 2.55% which shows a 0.26% increase compared to the 2.28% rate recorded in May 2024, noting that the rise in Food inflation on a Month-On-Month basis was caused by the rise in the rate of increase in the average prices of Groundnut Oil, Palm Oil, etc (Oil & Fats Class), Water Yam, Coco Yam, Cassava, etc (Potatoes, Yam & Other Tubers Class), Tobacco, Catfish Fresh, Croaker, Mudfish Fresh, Snail, etc, (Fish Class).
The report reflected that the average annual rate of Food inflation for the 12-month period ending June 2024 over the previous 12-month average was 35.35%, representing 11.31% points higher than the average annual 24.03% rate of change recorded in June 2023.
