August 15, (THEWILL) – Nigeria’s inflation has dropped by 0.8 percent to 33.40 percent relative to the June 2024 headline inflation rate of 34.19 percent, the National Bureau of Statistics (NBS), said in its July consumer price index (CPI) report published on Thursday.
THEWILL reports that Nigeria’s inflation has maintained a consistent rise over the last 18 months,
According to the NBS, the July 2024 headline inflation rate showed a decrease of 0.8 percent points when compared to the June 2024 headline inflation rate.
The report, however, said that on a year-on-year basis, the headline inflation rate was 9.32 per point higher compared to the rate recorded in July 2023, which was 24.08 percent.
“This shows that the headline inflation rate (on a year-on-year basis) increased in July 2024 compared to the same month in the preceding year (i.e., July 2023).
“Furthermore, on a month-on-month basis, the headline inflation rate in July 2024 was 2.28 percent, which was 0.03 percent lower than the rate recorded in June 2024 (2.31 percent). This means that in July 2024, the rate of increase in the average price level was lower than the rate of increase in the average price level in June 2024″, the report noted.
Food inflation also dropped to 39.53 in July, compared to the 40.87 it was in June 2024, a decline of 0.08 percent on a month-on-month basis.
NBS attributes the fall in food inflation to the decline in the rate of increase in the average prices of Tin Milk, Baby Powdered milk, etc (Under Milk, Cheese & Egg Class), as well as Mudfish fish and Fresh fish (Obokun).
