Nigeria’s inflation rate decreased to 33.4% in July 2024, down from 34.19% in June 2024, marking the first decline since December 2022.
According to the National Bureau of Statistics (NBS) CPI report for July 2024, this reduction represents a 0.79 percentage point drop compared to the previous month.
This decline in inflation suggests an improvement from the persistently high rates seen in recent months. However, the headline inflation rate remains considerably higher than the 24.08% recorded in July 2023, indicating a year-on-year increase of 9.32 percentage points.
On a month-on-month basis, the headline inflation rate for July 2024 was 2.28%, a slight decrease from the 2.31% recorded in June 2024.
In this article:First Decline in 19 Months, National Bureau of Statistics, Nigeria’s Inflation Rate
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