Nigeria’s inflation rate has decreased to 33.4% in July 2024, down from 34.19% in June 2024, marking the first decline in the rate since December 2022.
The National Bureau of Statistics (NBS) CPI report for July 2024 highlighted this reduction, noting a drop 0.79 percentage points compared to the previous month.
The July 2024 inflation figures reveal a notable improvement from the persistently high rates observed in recent months.
Despite this decline, the headline inflation rate remains significantly higher than the 24.08% recorded in July 2023, reflecting a year-on-year increase of 9.32 percentage points.
On a month-on-month basis, the headline inflation rate for July 2024 stood at 2.28%, a slight decrease from the 2.31% recorded in June 2024.
Chioma Kalu
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