Nigeria’s headline inflation rate has dropped to 33.40% in July 2024, a decrease from 34.19% in June 2024.
This marks the first decline since December 2022, when the rate fell to 21.34%.
According to the National Bureau of Statistics (NBS) Consumer Price Index (CPI) report, the inflation rate decreased by 0.79 percentage points from the previous month.
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However, the rate remains 9.32 percentage points higher compared to July 2023, when it was at 24.08%, indicating a significant year-on-year increase.
On a month-on-month basis, the inflation rate saw a slight drop to 2.28% in July 2024, compared to 2.31% in June 2024. This nuanced change suggests a potential stabilization in the economic landscape.
