Nigeria’s headline inflation rate fell to 33.40% in July 2024, a decrease from 34.19% in June 2024. This marks the first reduction in the inflation rate since December 2022, when it last fell to 21.34%.
The new figures are from the National Bureau of Statistics (NBS) Consumer Price Index (CPI) report for July 2024.
The report indicates that the inflation rate decreased by 0.79 percentage points in July compared to June. However, the rate is still 9.32 percentage points higher than in July 2023, when it was 24.08%, reflecting a significant year-on-year increase.
On a month-to-month basis, the inflation rate for July 2024 was 2.28%, slightly down from the 2.31% recorded in June 2024.
Details shortly…