Nigeria’s headline inflation rate has decreased to 33.40% in July 2024, a decline from the 34.19% recorded in June 2024.
This marks the first decrease in the headline inflation rate since December 2022, when it dropped to 21.34%.
According to the National Bureau of Statistics’ Consumer Price Index (CPI) report for July 2024, the headline inflation rate fell by 0.79 percentage points from June.
This decline follows a series of rising inflation figures over the past months.
On a year-on-year basis, the inflation rate in July 2024 was 9.32 percentage points higher than in July 2023, when it was 24.08%.
This indicates that while the monthly inflation rate has decreased, it has still risen significantly compared to the same month in the previous year.
Month-on-month, the inflation rate for July 2024 was 2.28%, slightly lower than the 2.31% recorded in June 2024.
This minor decrease aligns with forecasts from economic analysts, who had projected a slowdown in inflation for July.
The report noted, “In July 2024, the headline inflation rate eased to 33.40% relative to the June 2024 headline inflation rate of 34.19%.
The July 2024 headline inflation rate showed a decrease of 0.8 percentage points compared to June.
On a year-on-year basis, the headline inflation rate was 9.32 percentage points higher than the rate recorded in July 2023, which was 24.08%.”
Economic watchers had anticipated this deceleration in inflation, reflecting some positive movement in the country’s economic indicators.
Further details and analysis on the implications of this inflation trend will follow.
