In June 2024, the headline inflation rate increased to 34.19% relative to the May 2024 head line inflation rate which was 33.95%. Looking at the movement, the June 2024 headline infla tion rate showed an increase of 0.24% points when compared to the May 2024 headline infla tion rate. 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%.

This shows that the headline inflation rate (year-on-year basis) increased in the month of June 2024 when compared to the same month in the preceding year (i.e. June 2023). Furthermore, on a month-on-month basis, the headline inflation rate in June 2024 was 2.31%, which was 0.17% higher than the rate recorded in May 2024 (2.14%). This means that in the month of June 2024, the rate of increase in the average price level is higher than the rate of increase in the average price level in May 2024.

Data source: National Bureau of Statistics

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