The Consumer Price Index (CPI), which measures the rate of change in prices of goods and services, further rose to 34.19 per cent in June, compared to 33.95 per cent in May, the National Bureau of Statistics (NBS) stated yesterday. Year-on-year, headline inflation was 11.40 per cent higher than 22.79 per cent recorded in June 2023. Food inflation increased by 15.62 per cent year-on-year to 40.87 per cent, compared to 25.25 per cent in June 2023. Month-on-month, the food index also increased to 0.26 per cent to 2.55 per cent, compared to 2.28 per cent in May. Similarly, all items, less farm produce and energy or core inflation, which excludes the prices of volatile agricultural produces and energy, increased to 27.40 per cent year-on-year in June, which was up by 7.34 per cent, compared to 20.06 per cent in June 2023. Month-on-month, the core index increased by 0.05 per cent to 2.06 per cent in June, compared to 2.01 per cent in May. However, food inflation was attributed to increases in prices of millet, whole grain, garri, guinea corn, etc. (bread and cereals class), yam, water yam, coco yam (potatoes, yam and other tubers class). Others were groundnut oil, palm oil, etc. (oil and fats class) and catfish dried, dried fish-sardine, and mudfish (fish class), among others.

THISDAY