Food prices push Nigeria’s inflation rate to 34.19%.

As anticipated, Nigeria’s annual inflation rate rose to 34.19% in June 2024. Month-on-month, headline inflation increased by 0.17 percentage points, reaching 2.31% compared to 2.14% in May 2024.

This marks the first rise following two consecutive declines since October 2023. According to the National Bureau of Statistics, inflation accelerated from 33.95% in May 2024 to 34.19% in June 2024, marking the eighteenth consecutive month of increase, driven primarily by food and non-alcoholic beverages.