The rate at which prices of goods and services rise in the country has continued to soar, as latest data by the National Bureau of Statistics (NBS) showed inflation rate for June rose to 34.91 per cent as food inflation spiked further to 40.89 per cent.
This was higher than analysts’ estimate of 34 per cent inflation rate for June as estimates of month-on-month headline inflation rose by 17 basis points to 2.31 per cent compared to the May increase of 2.14 per cent month-on-month).
On a year-on-year basis, the headline inflation rate was 11.40 percentage points higher compared to June 2023, when it stood at 22.79 per cent. The month-on-month inflation rate also rose to 2.31 per cent in June 2024, up from 2.14 per cent in May.
