BREAKING: Nigeria’s Inflation Rate Drops For The First-Time In 19 Months

Nigeria’s Inflation Rate has dropped for the first time in 19 months.

 

NewsOnline Nigeria reports that 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%.

 

This Nigerian news platform understands that the latest inflation rate figures are based on the National Bureau of Statistics (NBS) CPI report for July 2024.

 

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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.

 

Details later…