The annual inflation rate reached its highest level in more than a year in June 2024, jumping by 11.40% points to 34.19%.

In June 2024, the headline inflation rate increased to 34.19%, according to the National Bureau of Statistics (NBS). This is a 0.24% increase from the 33.95% figure in May 2024.

This, through the Nigerian local press news, showed a notable increase in the average price level over the previous year, rising by 0.24% points year over year from the 33.95% recorded in May 2024 and by 11.40% points from the 22.79% recorded in June 2023.

It is reported that the most recent inflation rate is the highest in more than a year, suggesting that prices are continuing to rise. Month over month, the rate of inflation increased by 0.17% from 2.14% in May 2024 to 2.31% in June 2024.

Many variables, such as rising food prices, transportation costs, and housing expenses, are to blame for the spike in inflation.

Continuing, the core inflation rate, which does not include food and energy prices, rose from 25.95% in May 2024 to 26.41% in June 2024, according to the NBS data.

Concerns over the possible effects on the economy and consumers have been raised by the rising rate of inflation. It is recommended that the government take action to address the root causes of inflation and lessen its impact on the general public.

The food industry had the greatest rate of inflation, followed by the transport and housing sectors, according to the NBS report, which also included information on sectoral performance.

However, policymakers, economists, and the general public will be keenly watching the inflation rate’s future movements since it is anticipated to remain a crucial economic indicator.