The National Bureau of Statistics (NBS) has reported that Nigeria’s inflation rate has fallen for the first time in 19 months. In July 2024, inflation dropped to 33.40% from 34.19% in June.
Year-on-Year Inflation
Compared to July 2023, the headline inflation rate in July 2024 increased by 9.32% points to 24.08%. This indicates a rise in the overall price level over the past year.
Month-on-Month Inflation
On a month-on-month basis, the headline inflation rate in July 2024 was 2.28%, a 0.03% decrease from June’s rate of 2.31%. This suggests a slower rate of price increases in July compared to June.
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Food inflation rate also declined to 39.53% in July from 40% in June 2024. However, on a year-on-year basis, food inflation increased by 12.55% points compared to 26.98% in July 2023. This increase was driven by price hikes in items such as semovita, yam flour, wheat flour, yam, potatoes, groundnut oil, and beverages.
Month-on-Month Food Inflation
On a month-on-month basis, food inflation rate in July 2024 was 2.47%, a 0.08% decrease from the 2.55% rate recorded in June. This decline is attributed to slower price increases in milk, fish, fruits, garri, and meat products.
Source: Daily_trust
