Nigeria’s headline inflation rate has dropped from 34.19% in June 2024 to 33.40% in July. The headline inflation rate has not decreased since December 2022, when it last did so, to 21.34%.
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The National Bureau of Statistics (NBS) CPI report for July 2024 serves as the basis for the most recent inflation rate calculations.
The headline inflation rate fell by 0.79 percentage points in July 2024 compared to June 2024, the study states.
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.