{"id":113240,"date":"2024-07-16T06:23:19","date_gmt":"2024-07-16T05:23:19","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=113240"},"modified":"2024-07-16T06:23:19","modified_gmt":"2024-07-16T05:23:19","slug":"headline-inflation-rate-rises-34-19-in-june","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/headline-inflation-rate-rises-34-19-in-june\/","title":{"rendered":"Headline inflation rate rises 34.19% in June"},"content":{"rendered":"<div id=\"m#msg-f:1804674563084689430\" class=\"mail-message expanded\">\n<div class=\"mail-message-header spacer\" style=\"text-align: justify;\">Headline inflation rate increased by 0.24 percentage points to 34.19 percent in June from 33.95 percent in May.<\/div>\n<div class=\"mail-message-content collapsible zoom-normal mail-show-images \" style=\"text-align: justify;\">\n<div class=\"clear\">\n<div dir=\"auto\">\nThe National Bureau of Statistics, NBS, disclosed this today in its Consumer Price Index for June 2024.<\/p>\n<p>The bureau also said that food inflation grew to 40.87 percent in June from 40.66 percent in May 2024 due to increase in the prices of millet whole grain, garri, guinea corn, etc (bread and cereals class), yam, water Yam, coco Yam (potatoes, yam &amp; other tubers class), among other things.<\/p>\n<p>NBS said: \u201cIn June 2024, the headline inflation rate increased to 34.19 percent relative to the May 2024 headline inflation rate which was 33.95 percent.<\/p>\n<p>\u201cLooking at the movement, the June 2024 headline inflation rate showed an increase of 0.24 percentage points when compared to the May 2024 headline inflation rate.<\/p>\n<p>\u201cOn a year-on-year basis, the headline inflation rate was 11.4 percentage points higher compared to the rate recorded in June 2023, which was 22.79 percent .<\/p>\n<p>\u201cThis 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).<\/p>\n<p>\u201cFurthermore, on a month-on-month basis, the headline inflation rate in June 2024 was 2.31 percent, which was 0.17 percentage higher than the rate recorded in May 2024 (2.14 percent). \u201cThis 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.\u201d<\/p>\n<p>On food inflation, the bureau said: \u201cThe Food inflation rate in June 2024 was 40.87 percent on a year-on-year basis, which was 15.62 percentage points higher compared to the rate recorded in June 2023 (25.25%).<\/p>\n<p>\u201cThe rise in Food inflation on a year-on-year basis was caused by increases in prices of the following items: Millet Whole grain, Garri, Guinea corn, etc (Bread and Cereals Class), Yam, Water Yam, Coco Yam (Potatoes, Yam &amp; Other Tubers Class), Groundnut Oil, Palm Oil, etc (Oil &amp; Fats Class) and Catfish Dried, Dried Fish-Sadine, Mudfish (Fish Class), etc.<\/p>\n<p>\u201cOn a month-on-month basis, the Food inflation rate in June 2024 was 2.55 percent which shows a 0.26 percent increase compared to the rate recorded in May 2024 (2.28 percent).<\/p>\n<p>\u201cThe rise in Food inflation on a Month-on-Month basis was caused by the rise in the rate of increase in the average prices of Groundnut Oil, Palm Oil, etc (Oil &amp; Fats Class), Water Yam, Coco Yam, Cassava, etc (Potatoes, Yam &amp; Other Tubers Class), Tobacco, Catfish Fresh, Croaker, Mudfish Fresh, Snail, etc, (Fish Class).\u201d<\/p>\n<p>According to NBS, in June food inflation on a year-on-year basis was highest in Edo (47.34 percent), Kogi (46.37 percent), Cross River (45.28 percent), while Nasarawa (34.31 percent), Bauchi (34.78 percent) and Adamawa (35.96 percent), recorded the slowest rise in food inflation on year-on-year basis.<\/p>\n<p>It added: \u201cOn a month-on-month basis, however, June 2024 food inflation was highest in Yobe (4.75 percent), Adama-wa (4.74 percent), and Taraba (4.12 percent), while Nasarawa (0.14 percent), Kano (0.96 percent) and Lagos (1.25 percent) recorded the slowest rise in food inflation.\u201d<\/p><\/div>\n<\/div>\n<\/div>\n<div class=\"mail-message-footer spacer collapsible\" style=\"text-align: justify;\"><\/div>\n<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Headline inflation rate increased by 0.24 percentage points to 34.19 percent in June from 33.95 percent in May. The National Bureau of Statistics, NBS, disclosed this today in its Consumer&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":90578,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-113240","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Headline inflation rate rises 34.19% in June - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/news\/headline-inflation-rate-rises-34-19-in-june\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Headline inflation rate rises 34.19% in June - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"Headline inflation rate increased by 0.24 percentage points to 34.19 percent in June from 33.95 percent in May. 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