Nigeria’s inflation rate drops by 0.79 to 33.4% in July, first decline in 19 months
National Bureau of Statistics NBS
Nigeria’s inflation rate drops by 0.79 to 33.4% in July, first decline in 19 months
Abdullateef Fowewe
The Nigeria inflation rate has decreased to 33.40% in July 2024, down from 34.19% in June 2024.
This is the first decrease in the inflation rate headline since December 2022, when it last dropped to 21.34%, according to the National Bureau of Statistics (NBS) Consumer Price Index (CPI) report for July, released today.
The report acknowledged that inflation increased in July 2024 by 9.32 compared to the rate of July 2023 which was 24.08%, as confirmed by the NBS report obtained by Dailyeconomy.
The report reads in part, “Looking at the movement, the July 2024 headline inflation rate showed a decrease of 0.8% points when compared to the June 2024 headline inflation rate. On a year-on-year basis, the headline inflation rate was 9.32% points higher compared to the rate recorded in July 2023, which was 24.08%.
“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).
Furthermore, on a month-on-month basis, the headline inflation rate in July 2024 was 2.28%, which was 0.03% lower than the rate recorded in June 2024 (2.31%).
“This means that in July 2024, the rate of increase in the average price level was lower than the rate of increase in the average price level in June 2024.”
Dailyeconomy had earlier reported that the Central Bank of Nigeria confirmed that Economic activities in Nigeria recorded contraction in 13 months.
