The inflation rate decreased by 0.79 percentage points to 33.4% in July, down from a 28-year high of 34.19% in June, according to the National Bureau of Statistics (NBS).
The Consumer Price Index (CPI) report for July 2024 reveals a slowdown in food inflation as well, which fell to 39.5% from 40.8% in June.
The NBS stated: “In July 2024, the headline inflation rate eased to 33.40%, compared to 34.19% in June 2024. This represents a decrease of 0.8 percentage points. Year-on-year, the headline inflation rate was 9.32 percentage points higher than the 24.08% recorded in July 2023, indicating an increase in the inflation rate compared to the same month last year.
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“On a month-on-month basis, the headline inflation rate for July 2024 was 2.28%, a slight decrease from June 2024’s rate of 2.31%. This signifies a slower rate of increase in the average price level compared to the previous month.”
Regarding food inflation, the report noted: “The food inflation rate in July 2024 was 39.53% year-on-year, up 12.55 percentage points from 26.98% in July 2023. This rise is attributed to increased prices for items such as Semovita, Yam Flour, Wheat Flour, Yam, Irish Potatoes, Groundnut Oil, Palm Oil, and various beverages.
“Month-on-month, the food inflation rate in July 2024 was 2.47%, showing a 0.08% decrease from June 2024’s rate of 2.55%. This decline is linked to reduced price increases in items like Tin Milk, Baby Powdered Milk, Mudfish, Fresh Fish, Date Palm Fruit, Watermelon, Garri, Akpu (fufu), Exercise Books, Textbooks, and Turkey Meat.”
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