Breaking: Nigeria’s inflation rate plummets to 33.40% in July

By Kazeem Ugbodaga

Nigeria’s inflation rate has plummeted for the month of July 2024, pegging at 33.40%, the first time in many years, according to report by the National Bureau of Statistics (NBS) on Thursday.

According to the NBS, in July 2024, the headline Nigeria’s inflation rate eased to 33.40% relative to the June 2024 headline inflation rate of 34.19%.

Looking at the movement, the NBS said the July 2024 headline inflation rate showed a decrease of 0.8% points when compared to the June 2024 headline inflation rate.

“On a year-on-year basis, the headline inflation rate was 9.32% points higher compared to the rate recorded in July 2023, which was 24.08%.

“This shows that the headline inflation rate (year-on-year basis) increased in July 2024 compared to the same month in the preceding year (i.e., July 2023),” NBS said.

The bureau added that on a month-on-month basis, the headline inflation rate in July 2024 was 2.28%, which was 0.03% lower than the rate recorded in June 2024 (2.31%).

“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 bureau said.