Abuja, Aug. 15, 2024 – Nigeria’s inflation rate has dropped to 33.40 per cent in July from 34.19 per cent in June, according to the Nigeria Bureau of Statistics (NBS).
The NBS gave the statistics in its monthly CPI report released on Thursday.
This is the first time the inflation rate will slide since the assumption of office by President Bola Tinubu.
The NBS also reported that the headline inflation rate also dropped by 0.79 percentage points in July 2024 compared to June 2024.
“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.
“The Food inflation rate in July 2024 was 39.53% on a year-on-year basis, 12.55% points higher compared to the rate recorded in July 2023 (26.98%).
“The rise in Food inflation on a year-on-year basis was caused by increases in prices of the following items Semovita, Yam Flour (Prepacked), Wheat Flour (Prepacked), etc (Bread and Cereals Class), Yam, Irish Potatoes, Water Yam, etc (Potatoes, Yam & Other Tubers Class), Groundnut Oil, Palm Oil, etc (Oil & Fats Class) and Milo, Bournvita, Ovaltine (Coffee, Tea & Cocoa Class), etc. (GBN)
