Nigeria’s inflation rate eased to 33.4% in July, a decrease of 0.79 percentage points from June’s 28-year high of 34.19%, according to the National Bureau of Statistics (NBS).
The Consumer Price Index (CPI) report for July 2024 also showed a reduction in food inflation, fell to 39.5% from 40.8% in June.
The NBS highlighted, “In July 2024, the headline inflation rate dropped to 33.40%, compared to 34.19% in June 2024. This reflects a decrease of 0.8 percentage points. On a year-on-year basis, the headline inflation rate was 9.32 percentage points higher than the 24.08% recorded in July 2023, indicating a rise in inflation compared to the same period last year.
“Month-on-month, the headline inflation rate for July 2024 was 2.28%, a slight reduction from June 2024’s rate of 2.31%, suggesting a slower increase in the average price level compared to the previous month.”
Regarding food inflation, the report stated: “The food inflation rate in July 2024 was 39.53% year-on-year, an increase of 12.55 percentage points from 26.98% in July 2023. This rise is due to higher prices of items like semovita, yam flour, wheat flour, yam, Irish potatoes, groundnut oil, palm oil, and various beverages.
“On a month-on-month basis, the food inflation rate in July 2024 was 2.47%, reflecting a slight decrease of 0.08% from June 2024’s rate of 2.55%. This decline is associated with reduced price increases in items such as tin milk, baby powdered milk, mudfish, fresh fish, date palm fruit, watermelon, garri, akpu (fufu), exercise books, textbooks, and turkey meat.”
