Nigeria’s Inflation Rate Drops To 33.4% In July, NBS Announces

Nigeria’s headline inflation rate has dropped to 33.40 percent in July 2024, from 34.19 percent that was recorded in the previous month.

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

The CPI measures the average change over time in the prices of goods and services consumed by people for day-to-day living.

The development marks the first since December 2022, when it last dropped to 21.34 percent.

According to the Bureau’s Consumer Price Index (CPI) report for July 2024, the headline inflation rate decreased by 0.79 percentage points in July 2024 compared to June 2024.

A breakdown of the figure showed that on a year-on-year basis, the rate was 9.32 percentage points higher than in July 2023, when it stood at 24.08 percent.

This indicates an increase in the headline inflation rate on a year-on-year basis for July 2024 compared to the same month in the previous year.

On a month-on-month basis, the headline inflation rate in July 2024 was 2.28 percent, slightly lower than the 2.31 percent recorded in June 2024.

The report said, “In July 2024, the headline inflation rate eased to 33.40 percent relative to the June 2024 headline inflation rate of 34.19 percent. Looking at the movement, the July 2024 headline inflation rate showed a decrease of 0.8 percent points when compared to the June 2024 headline inflation rate.

“On a year-on-year basis, the headline inflation rate was 9.32 percent points higher compared to the rate recorded in July 2023, which was 24.08 percent. This shows that the headline inflation rate (year-on-year basis) increased in July 2024 compared to the same month in the preceding year (i.e., July 2023).”