Food Inflation Hits 40.87% as Nigeria’s Inflation Rate Continues to Rise

Food Inflation Hits 40.87% as Nigeria’s Inflation Rate Continues to Rise, Reaching Alarming Levels of 34.19% in June 2024

Nigeria’s National Bureau of Statistics (NBS) released data showing that the country’s inflation rate has surged to 34.19% in June 2024, a 0.24% increase from the previous month. The food inflation rate has also risen to 40.87%, driven by increases in prices of food items such as millet, garri, yam, and groundnut oil.

On a year-on-year basis, the headline inflation rate in June 2024 was 11.40% higher than the rate recorded in June 2023. The urban inflation rate stood at 36.55%, while the rural inflation rate was 32.09%.

The highest inflation rates were recorded in Bauchi, Kogi, and Oyo states, while the slowest inflation rates were recorded in Borno, Benue, and Katsina states.

This surge in inflation rate has raised concerns about the impact on the economy and the standard of living of Nigerians.