In July 2024, Nigeria’s headline inflation rate saw a decline to 33.40%, down from June’s 34.19%.
This drop marks the first decrease in the headline inflation rate since December 2022, when it was at 21.34%.
The recent figures are sourced from the National Bureau of Statistics CPI report for July 2024.
Compared to June 2024, the headline inflation rate saw a 0.79 percentage points reduction in July 2024.
Year-on-year, there was a 9.32 percentage points increase compared to July 2023, at 24.08%.
This indicates a rise in the headline inflation rate year-on-year for July 2024 compared to the same month a year earlier.
Furthermore, the month-on-month headline inflation rate for July 2024 was 2.28%, slightly lower than the 2.31% recorded in June 2024.
The report states, “In July 2024, the headline inflation rate decreased to 33.40% from the June 2024 rate of 34.19%. The July 2024 rate shows an 0.8% decrease compared to June 2024.
“On a year-on-year basis, there was a 9.32% increase in the headline inflation rate compared to July 2023, which was at 24.08%. This indicates an inflation rate growth between July 2023 and July 2024.”
NewsNow notes that this data aligns with forecasts from economic experts expecting a slowdown in inflation in July following June’s 34.19% rate.
More details to follow…