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 inflation rate in 19 months, with the last decrease recorded in December 2022.
The National Bureau of Statistics (NBS) released the Consumer Price Index and Inflation report on August 15, 2024. The report indicates a 0.79 percentage point decrease in July compared to June. However, on a year-on-year basis, inflation remains elevated, with a 9.32 percentage point increase from July 2023, when the rate was 24.08%.
Month-on-month, the inflation rate was 2.28% in July, a slight drop from 2.31% in June. This decline aligns with financial analysts’ predictions of a cooling inflation rate from July to August.
Central Bank Governor Olayemi Cardoso had previously assured that the Monetary Policy Committee (MPC) would take necessary measures to control inflation, including raising interest rates. In July, the MPC increased the rate by 50 basis points to 26.75%. Additionally, the Nigerian government introduced fiscal measures such as zero import duties on selected staple foods to combat inflation. The Defence Headquarters has also deployed troops to farms in the North East and North Central regions to ensure a smooth farming season.
