Breaking: Nigeria’s Inflation Rate Drops To 33.4%

Nigeria’s inflation rate dropped to 33.40% in July 2024, according to the latest figures released on Thursday by the National Bureau of Statistics (NBS).

The rate dropped by 0.79% when compared to the 34.19% recorded in June 2024.

The Eaglesforesight reports the reduction in inflation is happening for the first time in 19 months since December 2022, when it last dropped to 21.34%.

On a year-on-year basis, the rate was 9.32 percentage points higher than in July 2023, when it stood at 24.08%. This indicates an increase in the headline inflation rate on a year-on-year basis for July 2024 compared to the same month in the previous year.

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Additionally, on a month-on-month basis, the headline inflation rate in July 2024 was 2.28%, slightly lower than the 2.31% recorded in June 2024, according to the Consumer Price Index (CPI) report published by the NBS on Thursday.

“On a year-on-year basis, the headline inflation rate was 9.32% points higher compared to the rate recorded in July 2023, which was 24.08%. This shows that the headline inflation rate (year-on-year basis) increased in July 2024 compared to the same month in the preceding year (i.e., July 2023).

“Furthermore, on a month-on-month basis, the headline inflation rate in July 2024 was 2.28%, which was 0.03% lower than the rate recorded in June 2024 (2.31%). This means that in July 2024, the rate of increase in the average price level was lower than the rate of increase in the average price level in June 2024″, the report read in part.