Nigeria’s inflation rate continues to fall

Nigeria’s inflation rate declined to 33.40% in July 2024, according to a report from the National Bureau of Statistics (NBS) released on Thursday.

This represents a 0.79 percentage point decrease from June 2024’s rate of 34.19%. NBS noted that this is the first decline in 19 months, with the previous decrease occurring in December 2022, when the rate fell to 21.34%.

Compared to the same period last year, the inflation rate in July 2024 was 9.32 percentage points higher than the 24.08% 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.”

Proofreading by Uchechi Ojo, Sub-editor at Neptune Prime.

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