The inflation figure marks a new 28-year high. On a year-on-year basis, the headline inflation rate was 11.40 percentage points higher compared to the rate recorded in June 2023, which was 22.79%.
On a month-on-month basis, the headline inflation rate in June 2024 was 2.31%, which was 0.17 percentage points higher than the rate recorded in May 2024 (2.14%).
Some analysts suggest that inflation in Africa’s populous country may have peaked as the devaluation effects are expected to start fading from this month.
Urban inflation: On a year-on-year basis, in June 2024, the urban inflation rate was 36.55%, while on a month-on-month basis, the urban inflation rate was 2.46% in June 2024.
Rural Inflation: The rural inflation rate in May 2024 stood at 31.82% year-on-year, marking an increase of 10.63% compared to May 2023 when it was 21.19%.
The rural inflation rate in June 2024 was 32.09% on a year-on-year basis, and 2.17% on a month-on-month basis.
Food Inflation
According to the report, the food inflation rate in June 2024 was 40.87% on a year-on-year basis, which was 15.62% points higher compared to the rate recorded in June 2023 (25.25%).
On a month-on-month basis, the Food inflation rate in June 2024 was 2.55% which shows a 0.26% increase compared to the rate recorded in May 2024 (2.28%).
The rise in food inflation on a month-on-month basis was driven by the increased average prices of items such as groundnut oil and palm oil.
