A newly released report by the National Bureau of Statistics (NBS) shows that Nigeria’s headline inflation rate declined to 33.40% in July 2024, down from 34.19% in June 2024. This marks the first decrease since December 2022, when the rate last fell to 21.34%.

According to the Bureau’s Consumer Price Index (CPI) report for July 2024, the inflation rate decreased by 0.79 percentage points compared to the previous month. 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 year-on-year headline inflation rate for July 2024 compared to the same month in the previous year.

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.

The report stated, “In July 2024, the headline inflation rate eased to 33.40% compared to the June 2024 rate of 34.19%. This represents a decrease of 0.8 percentage points. On a year-on-year basis, the headline inflation rate was 9.32 percentage points higher than in July 2023, indicating an increase in the rate compared to the same month in the preceding year.”