BREAKING: Nigeria’s Inflation Rate Slowly Declines

Nigeria’s inflation rate experienced a decline in July 2024, reaching 33.40 per cent, as reported by the National Bureau of Statistics (NBS) on Thursday.

The decline represents a 0.79 per cent decrease from the previous month’s rate of 34.19 per cent in June 2024.

NBS indicated that this is the first time in 19 months that the inflation rate has dropped, with the last decrease occurring in December 2022, when it fell to 21.34 per cent.

Compared to the same period last year, the inflation rate in July 2024 was 9.32 percentage points higher than the 24.08 per cent recorded in July 2023.

NBS said:

“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.”