A newly published report by the National Bureau of Statistics (NBS) has indicated a decline in Nigeria’s headline inflation rate to 33.40 per cent in July 2024 from 34.19 per cent in June 2024.
The development marks the first since December 2022, when it last dropped to 21.34 per cent.
According to the Bureau’s CPI report for July 2024, the headline inflation rate decreased by 0.79 percentage points in July 2024 compared to June 2024.
A breakdown of the figure showed that 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.
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 said, “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).”
On a year-on-year basis, in July 2024, the Urban inflation rate was 35.77%, this was 9.94% points higher compared to the 25.83% recorded in July 2023. On a month-on-month basis, the Urban inflation rate was 2.46% in July 2024, this was 0.003% points lower compared to June 2024 (2.46%). The corresponding twelve-month average for the Urban inflation rate was 32.89% in July 2024. This was 10.02% points higher compared to the 22.87% reported in July 2023.
The Rural inflation rate in July 2024 was 31.26% on a year-on-year basis; this was 8.77% higher compared to the 22.49% recorded in July 2023. On a month-on-month basis, the Rural inflation rate in July 2024 was 2.10%, down by 0.07% points compared to June 2024 (2.17%).
The corresponding twelve-month average for the Rural inflation rate in July 2024 was 28.86%.
