Nigeria’s inflation rate fell to 33.40% in July, first in 19 months

For the first time since December 2022, Nigeria’s headline inflation rate fell to 33.40 percent in July 2024, the latest data from the National Bureau of Statistics (NBS) showed.

This figure is down from 34.19 percent in June 2024.

This marks the first decline in the headline inflation rate since December 2022, when it last fell to 21.34 percent.

The latest inflation rate figures are based on the National Bureau of Statistics’ CPI report for July 2024.

According to the report, the headline inflation rate decreased by 0.79 percentage points in July 2024 compared to June 2024.

On a year-on-year basis, the figure is 9.32 percentage points higher than in July 2023 which was 24.08 percent.

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This indicates an increase in the annual general inflation rate in July 2024 compared to the same month the previous year.

In addition, on a monthly basis, the general inflation rate in July 2024 was 2.28 percent, slightly lower than the inflation rate in June 2024 of 2.31 percent.

The report reads, “In July 2024, the general inflation rate decreased to 33.40 percent compared to the general inflation rate in June 2024 of 34.19 percent. Looking at the movement, the general inflation rate in July 2024 showed a decrease of 0.8 percentage points compared to the general inflation rate in June 2024.

“On an annual basis, the general inflation rate was recorded at 9.32 percentage points higher than the general inflation rate in July 2023, which was 24.08 percent. This shows that the general inflation rate (annual) in July 2024 increased compared to the same month in the previous year (July 2023).”

By: Babajide Okeowo

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