Inflation rate Nigeria goes up, up, to 34.19% in June
According to the latest CPI report from the National Bureau of Statistics (NBS), headline Inflation rate Nigeria increased to 34.19% in June from 33.95% in May, marking a 2.31 percentage point month-on-month change. On a year-on-year basis, headline Inflation rate Nigeria surged by 11.4 percentage points, up from 22.79% in June 2023.
Urban Inflation rate Nigeria climbed to 36.55%, while rural Inflation rate Nigeria reached 32.09%. Additionally, food Inflation rate Nigeria spiked to 40.87%, driven by higher prices of Garri, Millet, Yam Tuber, Palm Oil, and items from the fish category. Bauchi, Kogi, and Oyo recorded the highest all-time inflation rates at 43.95%, 39.91%, and 39.15%, respectively, while Borno, Benue, and Katsina had the lowest Inflation rate Nigeria at 25.90%, 27.52%, and 29.21%, respectively.
The persistent inflationary pressures pose a significant risk of worsening economic conditions, leading to increased poverty levels and hindering business activities due to fluctuating prices. If left unchecked, rising Inflation rate Nigeria could fuel social unrest and heighten insecurity.
To address this of Inflation rate Nigeria issue, the government must focus on fiscal discipline, reduce unnecessary spending, prioritize investments in boosting agricultural productivity, and address supply chain challenges in food production.
Enhancing security in rural areas is crucial to encourage farmers to return to their fields, as persistent food inflation could result in food insecurity, malnutrition, and hindered growth.
