The National Bureau of Statistics (NBS) has reported a fresh spike in Nigerian inflation, reaching a new high of 34.19% for June 2024. As anticipated, food inflation witnessed a further increase in June compared to May 2024.
The NBS report stated, "On a month-on-month basis, the food inflation rate for June 2024 was 2.55%, reflecting a 0.26% rise over the rate recorded in May 2024 (2.28%)."
The NBS attributed this surge to rising average prices across various food categories, including oils and fats (groundnut oil, palm oil, etc.), potatoes, yams, and other tubers (water yam, cocoyam, cassava, etc.), fish (catfish, croaker, mudfish, snail, etc.), and tobacco.