Just In: Nigeria’s inflation rate drops for the first time in 19 months at 33.40% in July

Nigeria’s headline inflation rate decreased to 33.40% in July 2024, down from 34.19% in June 2024. This marks the first decline in the headline inflation rate since December 2022, when it last dropped to 21.34%, Nairametrics is reporting.

The latest inflation rate figures are based on the National Bureau of Statistics (NBS) CPI report for July 2024.

According to the report, the headline inflation rate decreased by 0.79 percentage points in July 2024 compared to June 2024. 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.

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.