This unfavorable new development comes amidst the rising cost of food items across the country, pushing basic commodities beyond the reach of average Nigerians.

According to the latest data from the National Bureau of State Statistics (NBS), Nigeria’s inflation figure has reached a new high, hitting 34.19 % for June 2024.
This is an increase of 0.24% points when compared to the inflation figure for May 2024 released by the NBS as 33.95%.
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%.”