NEWS

INFLATION RATE RISES TO 34.19%

The annual inflation rate in Nigeria has hit 34.19 per cent as millions of citizens continue to battle growing hunger and hardship occasioned by harsh government policies.

This development was disclosed in a report issued by the National Bureau of Statistics (NBS), released on Monday, saying the June figure is 0.24 per cent higher than the 33.95 per cent recorded in May.

Nigeria’s annual inflation rate has increased for the fifth consecutive month to 34.19 per cent as citizens of Africa’s most populous country grapple with a cost-of-living crisis.

The lowest inflation figure in 2024 for the country was 29.90 per cent, recorded in January.
 

The report says, “In June 2024, the headline inflation rate increased to 34.19% relative to the May 2024 head line inflation rate which was 33.95%. 

“Looking at the movement, the June 2024 headline inflation rate showed an increase of 0.24% points when compared to the May 2024 headline inflation rate. 

“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%.

“This shows that the headline inflation rate (year-on-year basis) increased in the month of June 2024 when compared to the same month in the preceding year (i.e. June 2023). 

“Furthermore, on a month-on-month basis, the headline inflation rate in June 2024 was 2.31%, which was 0.17% higher than the rate recorded in May 2024 (2.14%). 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.” 

These development worsens living condition of Nigerians whose purchasing powers have been drastically reduced since removal of subsidy and floating of the Naira.

Concerned groups and individuals have called on the Tinubu Administration to adopt measures to caution the ripple effects of his policies. They believe food importation, even for a short period, say six months would solve immediate food scarcity and address exorbitant price, making life easier for citizens. 

They are also of the opinion that giving Nigerian workers a living wage is essential, as it will go a long way to boost their buying capacity.

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