The National Bureau of Statistics (NBS) has reported a decline in Nigeria’s inflation rate to 33.40% in July, down from 34.19% in June. This marks the first decline in 19 months.
According to the Consumer Price Index (CPI) report, the inflation rate decreased by 0.8% in July. The NBS noted that the headline inflation rate showed a 0.3% points decrease compared to June 2024.
On a year-on-year basis, the inflation rate increased by 9.32% points compared to July 2023. However, on a month-on-month basis, the inflation rate decreased by 0.03% in July compared to June.
The food inflation rate also declined to 39.53% in July, down from 40.87% in June. Despite this decline, the July figure was 12.55% points higher than the inflation rate recorded in July 2023.
The NBS attributed the rise in food inflation to increases in prices of items such as Semovita, Yam Flour, Wheat Flour, and Groundnut Oil.
The report also highlighted variations in food inflation rates across states, with Sokoto, Jigawa, and Enugu recording the highest rates, while Adamawa, Bauchi, and Benue recorded the slowest rise in food inflation.
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