Economic Reports

June 2024 CPI Report | Bucking the Trends

July 17, 2024
Read Time: 1 minute(s)

Headline Inflation Transcends to 34.19% YoY in June 2024

According to the Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) for June 2024, Nigeria’s headline inflation rate continued its upward trend, rising by 24bps to a staggering 34.19% Year-on-Year (YoY) compared to 33.95% YoY reported in May 2024. This increase was driven by higher prices in both food (+21bps to 40.87% YoY) and core inflation (+36bps to 27.40% YoY).

On a Month-on-Month (MoM) basis, headline inflation halted its decline after three (3) consecutive monthly decline. MoM inflation rose by 17bps to 2.31% MoM. This growth is attributed to increases in both food prices (+26bps to 2.55% MoM) and core inflation (+5bps to 2.06% MoM) during the month.

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June 2024 CPI Report | Bucking the Trends

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