Nigeria’s headline inflation rate decreased to 33.40 per cent in July 2024, down from 34.19 per cent in June 2024.

This marks the first decline in the headline inflation rate since December 2022, when it last dropped to 21.34 per cent.

The latest inflation rate figures are based on the National Bureau of Statistics 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 per cent.

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 per cent, slightly lower than the 2.31 per cent recorded in June 2024.

The report read, “In July 2024, the headline inflation rate eased to 33.40 per cent relative to the June 2024 headline inflation rate of 34.19 per cent. Looking at the movement, the July 2024 headline inflation rate showed a decrease of 0.8 per cent points when compared to the June 2024 headline inflation rate.

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

Details later…