Nigeria’s inflation rate dropped to 33.40% in July 2024, marking the first reduction in 19 months, according to the latest data released by the National Bureau of Statistics (NBS) on Thursday. This represents a decrease of 0.79% from the 34.19% recorded in June 2024.
This drop is significant as it is the first time inflation has decreased since December 2022, when the rate stood at 21.34%. However, on a year-on-year basis, the inflation rate was still 9.32 percentage points higher than in July 2023, which recorded a rate of 24.08%.
The NBS report also highlighted that on a month-on-month basis, the inflation rate in July 2024 was 2.28%, slightly down from the 2.31% recorded in June 2024. This indicates a slower rate of increase in the average price level in July compared to the previous month.
News Editor