In a positive economic development, Nigeria’s headline inflation rate dropped to 33.40% in July 2024, down from 34.19% in June 2024.
This decrease, highlighted in the latest Consumer Price Index (CPI) report by the National Bureau of Statistics, marks the first decline in the inflation rate since December 2022, when it fell to 21.34%.
The report detailed a 0.79 percentage point decrease from June to July 2024. Despite this monthly decrease, the year-on-year inflation rate for July 2024 stood at 9.32 percentage points higher than the rate of 24.08% recorded in July 2023, indicating a significant rise over the past year.
Month-on-month analysis showed the headline inflation rate for July 2024 was 2.28%, slightly down from the 2.31% recorded in June 2024.
“In July 2024, the headline inflation rate eased to 33.40% relative to the June 2024 rate of 34.19%. The July 2024 rate showed a decrease of 0.8 percentage points compared to June 2024,” the report read.
The decrease aligns with economic projections, suggesting a slight deceleration in inflation for July compared to the previous month.
This decline could signal a potential easing of price pressures in the Nigerian economy.
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