In June 2024, the headline inflation rate increased to 34.19% relative to the May 2024 headline inflation rate which was 33.95 percent.
Looking at the movement, the June 2024 headline inflation rate showed an increase of 0.24 percentage points when compared to the May 2024 headline inflation rate.
On a year-on-year basis, the headline inflation rate was 11.40 percent points higher compared to the rate recorded in June 2023, which was 22.79 percent.
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 percent, which was 0.17 percent 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.
The percentage change in the average CPI for the twelve-month ending June 2024 over the average of the CPI for the previous twelve-month period was 30 percent, showing an 8.45 percent increase compared to 21.54 percent recorded in June 2023.
On a year-on-year basis, in the month of June 2024, the urban inflation rate was 36.55 percent; this was 12.23 percent points higher compared to the 24.33 percent recorded in June 2023.
On a month-on-month basis, the urban inflation rate was 2.46 percent in June 2024; this was 0.11 percent points higher compared to May 2024 (2.35%).
The corresponding twelve-month average for the urban inflation rate was 32.08 percent in June 2024.
This was 9.70 percentage points higher compared to the 22.38 percent reported in June 2023.
The Rural inflation rate in June 2024 was 32.09 percent on a year-on-year basis; this was 10.71 percent higher compared to the 21.37 percent recorded in June 2023. On a month-on-month basis, the rural inflation rate in June 2024 was 2.17 percent, up by 0.23 percentage points compared to May 2024 (1.94%).
The corresponding twelve-month average for the rural inflation rate in June 2024 was 28.15 percent.
This was 7.39 percent higher compared to the 20.76% recorded in June 2023.
