Nigeria’s headline inflation rate has decreased to 33.40 percent in July 2024, down from 34.19 percent in June 2024.
This marks the first decline in the inflation rate since December 2022, according to the latest report from the National Bureau of Statistics.
The July inflation rate represents a 0.79 percentage point drop from the previous month. However, on a year-on-year basis, the inflation rate is still 9.32 percentage points higher than in July 2023, when it stood at 24.08 percent.
Month-on-month, the inflation rate slightly eased to 2.28 percent in July, compared to 2.31 percent in June.
Economic analysts had anticipated this decline, aligning with their projections that inflation would decelerate in July.
Despite this recent drop, the year-on-year increase indicates continued pressure on the economy, with inflation remaining a key concern for policymakers and consumers alike.
