In July 2024, Nigeria’s inflation rate has been reported to have decreased to 33.40%. This marks the first decline in 19 months as stated by the National Bureau of Statistics (NBS). The Consumer Price Index (CPI) report released on August 15, 2024 indicate a 0.8% drop from the 34.19% recorded in June 2024.
Compared to June 2024, the headline inflation rate decreased by 0.3% points while on year on year basis; it increased by 9.32% points as compared to July 2023. On a month-on-month basis, the rate of inflation had gone up slightly by 0.03% when compared to June 2024.
Similarly, food inflation fell from 40.87% last month (June) to 39.53% this month (July). The decline is attributed to falling prices for garri, fish and other food items.
State level analysis showed that Sokoto, Jigawa and Enugu states had the highest inflation rates while Adamawa, Bauchi and Benue states experienced slowest growth rates in food prices respectively. In Borno, Sokoto and Enugu states food inflation increased most every month while Kwara Taraba and Ondo showed least increments in food price index measurement each month.
Although, it indicates a decrease in inflation rate but this is still good news for the economy, indicating a potential slowdown in price increases.
