Nigeria’s Inflation Hits New High Of 34.19% Due To Escalating Food Prices  

Nigeria’s inflation rate reached a new high of 34.19% in June 2024, according to the data published by the National Bureau of Statistics (NBS) on Monday. This latest figure shows a 0.24% rise from the 33.95% recorded in May 2024 and reflects the worsening economic crisis residents are facing.  

On a year-on-year basis, the inflation rate in June 2024 was 11.40 percentage points higher than the 22.79% recorded in June 2023. The month-on-month inflation rate also rose to 2.31% in June 2024 from 2.14% in May 2024. This indicates a faster increase in average price levels in June than in May. 

Food inflation has significantly contributed to this surge. The food inflation rate in June 2024 was 40.87% yearly, up 15.62 percentage points from June 2023’s 25.25%. Month-on-month, food inflation increased to 2.55% in June 2024 from 2.28% in May 2024. Higher prices of essential food items such as groundnut oil, palm oil, water yam, cocoyam, cassava, and various fish species drove this rise.

Experts attribute the rising inflation and food prices to factors such as insecurity and inadequate agricultural equipment, which hinder food production across the country. These challenges continue to worsen the inflation problem, which was 29.90% in January.

Meanwhile, the government has faced criticism for prioritising non-essential and frivolous expenditures despite the economic turmoil afflicting the nation.  

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