Central Bank governor, Olayemi Cardoso’s projection for headline inflation to decline to 21.4% this year is not looking feasible as data from the National Bureau of Statistics shows the country’s inflation rate increased to 34.19% in June 2024
This represents an increase of 0.24 per cent points from the previous headline inflation rate of 33.95 per cent in May.
As expected, there was a rise in food inflation by 0.26% per cent points triggered by a rise in the average prices of food items such as groundnut oil, palm oil, tubers, tobacco and fish.
This figure in the sixth month of the year has dampened hopes that may have come with promises that followed the CBN’s projection that there would be a steady decline in inflation to as low as 21%.
