Nigeria’s inflation rate decreased to 33.40% in July 2024, marking the first decline in 19 months. This drop from 34.19% in June 2024 is the first reduction since December 2022 when the rate fell to 21.34%, according to Nairametrics and the National Bureau of Statistics (NBS).
The latest figures show a decrease of 0.79 percentage points from the previous month. Despite this decline, the year-on-year comparison reveals a significant increase, with the July 2024 rate being 9.32 percentage points higher than the 24.08% recorded in July 2023.
Month-on-month inflation also saw a slight decrease, with July 2024 recording 2.28%, down from 2.31% in June 2024. This marks a gradual reduction in inflationary pressure, though the rate remains elevated compared to the previous year.
