Inflation Rate Drops to 33.30%, First Decline Since Tinubu Took Office
Nigeria’s headline inflation rate fell to 33.40% in July 2024, according to the latest report from the National Bureau of Statistics (NBS), a decrease from June’s 34.19%. This marks the first drop since December 2022 and the first reduction since President Tinubu took office.
The National Bureau of Statistics’ latest Consumer Price Index (CPI) report reveals that July’s inflation rate was 0.79 percentage points lower than the previous month. However, the year-on-year comparison paints a different picture: July 2024’s rate was 9.32 percentage points higher than July 2023’s 24.08%, indicating a significant annual increase.
Month-on-month, inflation slightly eased to 2.28% in July from 2.31% in June, reflecting a minor slowdown in the rise of average prices.
Review of Inflation Rate By NBS Reports
The report highlights that while July 2024 saw a reduction in the headline inflation rate, the persistent year-on-year increase underscores ongoing economic challenges.
