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Nigeria’s Inflation Rate Hits 34.19 Percent

NGF Digital Repository: National Bureau of Statistics (NBS)

Skyrocketing cost of food items pushed monthly inflation to an all-time high figure of 34.19 per cent in the month of June 2024.

As reported, the new inflation is relative to the May 2024 headline inflation of 33.95%.

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The National Bureau of Statistics (NBS) confirmed the latest development on Monday in its monthly inflation report.

In one month, the inflation rate was 2.31%.

Food inflation remains high at 40.87% in June 2024.

On a year-on-year basis, the headline inflation rate was 11.40% points higher compared to the rate recorded in June 2023, which was 22.79%.

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