July 15, 2024/Futureview Research
Headline Inflation
In June 2024, the headline inflation rate rose to 34.19%, an increase of 0.24% points from May 2024’s rate of 33.95%. This marks a year-on-year rise of 11.40% points from the 22.79% recorded in June 2023, reflecting a significant increase over the past year. Month-on-month, the inflation rate for June 2024 was 2.31%, up by 0.17% points from May 2024’s 2.14%, indicating a higher rate of price increase in June compared to May.
Source: NBS, Futureview Research
Urban Inflation
In June 2024, the urban inflation rate was 36.55% year-on-year, 12.23% points higher than the 24.33% recorded in June 2023. On a month-on-month basis, urban inflation was 2.46% in June 2024, a 0.11% point increase from May 2024’s rate of 2.35%. The twelve-month average for urban inflation was 32.08% in June 2024, 9.70% points higher than the 22.38% reported in June 2023.
Rural Inflation
The rural inflation rate for June 2024 was 32.09% year-on-year, 10.71% points higher than the 21.37% recorded in June 2023. On a month-on-month basis, rural inflation was 2.17% in June 2024, up by 0.23% points from May 2024’s rate of 1.94%. The twelve-month average for rural inflation was 28.15% in June 2024, 7.39% points higher than the 20.76% recorded in June 2023.
Food Inflation
In June 2024, the food inflation rate was 40.87% year-on-year, 15.62% points higher than the 25.25% recorded in June 2023. This increase was driven by higher prices for items such as millet, garri, guinea corn, yam, water yam, coco-yam, groundnut oil, palm oil, and dried fish varieties. On a month-on-month basis, food inflation was 2.55% in June 2024, a 0.26% point increase from May 2024’s rate of 2.28%, due to rising prices of groundnut oil, palm oil, water yam, coco yam, cassava, and various fish products.
Core Inflation (All Items less Farm Produce and Energy)
Core inflation, excluding volatile agricultural produce and energy prices, stood at 27.40% in June 2024 on a year-on-year basis, up by 7.34% points from 20.06% in June 2023. Significant price increases were observed in rents, passenger transport by road, accommodation services, medical services, and pharmaceutical products. On a month-on-month basis, core inflation was 2.06% in June 2024, slightly higher than May 2024’s rate of 2.01% by 0.05% points. The twelve-month average annual inflation rate was 24.06% for the period ending June 2024, 5.59% points higher than the 18.47% recorded in June 2023.
STATE PROFILES
All Items Inflation
In June 2024, the highest year-on-year all items inflation rates were recorded in Bauchi (43.95%), Kogi (39.91%), and Oyo (39.15%). The slowest year-on-year rises were seen in Borno (25.90%), Benue (27.52%), and Katsina (29.21%). On a month-on-month basis, the highest inflation rates were in Yobe (3.79%), Abuja (3.45%), and Ondo (3.38%), while the slowest rises were in Nasarawa (0.71%), Osun (1.19%), and Kano (1.27%).
Food Inflation
In June 2024, the highest year-on-year food inflation rates were in Edo (47.34%), Kogi (46.37%), and Cross River (45.28%). The slowest year-on-year increases were in Nasarawa (34.31%), Bauchi (34.78%), and Adamawa (35.96%). On a month-on-month basis, the highest food inflation rates were in Yobe (4.75%), Adamawa (4.74%), and Taraba (4.12%), while the slowest rises were in Nasarawa (0.14%), Kano (0.96%), and Lagos (1.25%).
