Some economic watchers have projected that inflation would maintain its upward movement but at a slower pace as seen in recent months.
This is coming ahead of the release of the National Bureau of Statistics report on the country’s inflation for June 2024.
Inflation had reached a 28-year high in May at 33.95 per cent, higher than 33.69 per cent recorded in the preceding month, representing an increase of 0.26 per cent.
On a year-on-year basis, the headline inflation rate was 11.54 cent points higher compared to the rate recorded in May 2023, which was 22.41 per cent.
On a month-on-month basis, the headline inflation rate of increase in May 2024 was 2.14 per cent, which was 0.15 per cent lower than the rate recorded in the previous month (2.29 per cent).
So far in 2024, headline inflation has averaged 32.49 per cent, compared to 22.20 per cent in the first five months of 2023 and 24.52 per cent for the entire year 2023.
Experts have attributed the persistent rise in inflation to the ongoing structural challenges in agriculture, including insecurity in food-producing regions, high transportation costs, and the continuous depreciation of the naira.
