Nigeria’s Inflation Rate Falls to 33.40% in July 2024, Marking First Decline in 19 Months

Nigeria’s inflation rate dropped to 33.40% in July 2024, as reported by the National Bureau of Statistics (NBS) on Thursday. This marks a decrease of 0.79% from the 34.19% recorded in June 2024.

This decline is the first in 19 months, with the last reduction occurring in December 2022 when the rate fell to 21.34%.

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

Month-on-month, the headline inflation rate in July 2024 was recorded at 2.28%, slightly down from 2.31% in June 2024.