Nigeria’s inflation rate decreased by 0.79 percentage points to 33.4% in July, down from a 28-year high of 34.19% in June, according to the National Bureau of Statistics, (NBS).
The Consumer Price Index (CPI) report for July 2024 reveals a slowdown in food inflation as well, which fell to 39.5% from 40.8% in June.
The NBS stated: “In July 2024, the headline inflation rate eased to 33.40%, compared to 34.19% in June 2024. This represents a decrease of 0.8 percentage points. Year-on-year, the headline inflation rate was 9.32 percentage points higher than the 24.08% recorded in July 2023, indicating an increase in the inflation rate compared to the same month last year.
“On a month-on-month basis, the headline inflation rate for July 2024 was 2.28%, a slight decrease from June 2024’s rate of 2.31%. This signifies a slower rate of increase in the average price level compared to the previous month”.
Regarding food inflation, the report noted: “The food inflation rate in July 2024 was 39.53% year-on-year, up 12.55 percentage points from 26.98% in July 2023. This rise is attributed to increased prices for items such as Semovita, yam flour, wheat flour, yam, irish potatoes, groundnut oil, palm oil, and various beverages.
