In July 2024, Nigeria saw a decrease in the headline inflation rate to 33.40 per cent, down from 34.19 per cent in June 2024.
This is the first time the inflation rate has dropped since December 2022, when it was at 21.34 per cent. The data comes from the National Bureau of Statistics CPI report for July 2024.
The report shows a 0.79 percentage point decrease in the headline inflation rate from June 2024. Compared to July 2023, the rate was 9.32 percentage points higher.
This indicates an increase in the headline inflation rate on a year-on-year basis.
In July 2024, the month-on-month inflation rate was 2.28 per cent, slightly lower than the 2.31 per cent recorded in June 2024.
The report read, “In July 2024, the headline inflation rate eased to 33.40 per cent relative to the June 2024 headline inflation rate of 34.19 per cent. Looking at the movement, the July 2024 headline inflation rate showed a decrease of 0.8 per cent points when compared to the June 2024 headline inflation rate.
“On a year-on-year basis, the headline inflation rate was 9.32 per cent points higher compared to the rate recorded in July 2023, which was 24.08 per cent. 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).”
