EconomyNewsNigeriaNigerians Feel the Pinch as Inflation Hits Record High of 34.19%

Nigerians are feeling the heat as inflation skyrockets to a record-breaking 34.19 per cent in June 2024, according to the National Bureau of Statistics, NBS.

This marks a jump from May’s 33.95 per cent and a massive 11.40 percentage points higher compared to the 22.79 per cent recorded in June 2023.

“This means that in the month of June 2024, the rate of increase in the average price level is higher than the rate of increase in the average price level in May 2024,” NBS stated.

The squeeze is particularly tight on groceries, with food inflation reaching a concerning 40.87 per cent in June. Everyday essentials are becoming increasingly expensive, forcing many Nigerians to make difficult choices about what they can afford.

This news comes as no surprise to many Nigerians already grappling with a rising cost of living. The value of the naira is shrinking, leaving people with less purchasing power to buy the things they need.

The food inflation rate in June 2024 is a 15 per cent uptick compared to the 25.25 per cent rate recorded in June 2023.

“On a month-on-month basis, the food inflation rate in June 2024 was 2.55 per cent which shows a 0.26 per cent increase compared to the rate recorded in May 2024 (2.28 per cent),” the NBS said.

The report said the food inflation was highest in Edo (47.34 per cent), Kogi (46.37 per cent), and Cross River (45.28 per cent), while Nasarawa (34.31 per cent), Bauchi (34.78 per cent) and Adamawa (35.96 per cent) recorded the slowest rise in food inflation on a year-on-year basis.

On the other hand, Yobe (4.75 per cent), Adamawa (4.74 per cent), and Taraba (4.12 per cent) States had the highest food inflation month-on-month. Conversely, Nasarawa (0.14 per cent), Kano (0.96 per cent) and Lagos (1.25 per cent) recorded the slowest rise in food inflation on a month-on-month basis.