Nigeria’s inflation rate fell to 33.30% in July – NBS
Nigeria’s headline inflation rate has declined to 33.40% in July 2024, down from 34.19% in June 2024, marking the first decrease since December 2022, when it was 21.34%.
According to the National Bureau of Statistics (NBS), this represents a drop of 0.79 percentage points from June 2024.
However, on a year-on-year basis, this figure is 9.32 percentage points higher than July 2023, when inflation was 24.08%, indicating an increase compared to the same month last year. Month-on-month, the inflation rate in July 2024 was 2.28%, slightly down from 2.31% in June 2024.
The report states, “In July 2024, the headline inflation rate eased to 33.40% compared to June’s 34.19%, showing a decrease of 0.8 percentage points.
Year-on-year, the inflation rate rose by 9.32 percentage points from July 2023’s 24.08%, indicating an annual increase.”
URBAN INFLATION
July 2024 recorded a rate of 35.77%, which is 9.94 percentage points higher than the 25.83% seen in July 2023.
Month-on-month, urban inflation was 2.46% in July 2024, unchanged from June. The twelve-month average for urban inflation was 32.89%, up from 22.87% in July 2023.
RURAL INFLATION
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In July 2024, the Rural inflation rate rose to 31.26% year-on-year, an increase of 8.77% from 22.49% in July 2023.
Month-on-month, the rate was 2.10%, down from 2.17% in June 2024. The twelve-month average for Rural inflation in July 2024 was 28.86%, up by 7.82% from 21.04% in July 2023.
FOOD INFLATION
The Food inflation rate in July 2024 was 39.53% year-on-year, a rise of 12.55% from 26.98% in July 2023. This increase was driven by price hikes in Semovita, Yam Flour (Prepacked), Wheat Flour (Prepacked), as well as Yam, Irish Potatoes, Groundnut Oil, Palm Oil, and various cocoa products.
On a month-on-month basis, Food inflation in July 2024 was 2.47%, reflecting a decrease of 0.08% from 2.55% in June 2024.
This dip was attributed to slower price increases for Tin Milk, Baby Powdered milk, Mudfish, Fresh fish, Date Palm fruit, Watermelon, and various meat products.
The average annual Food inflation rate for the year ending June 2024 was 36.36%, a rise of 11.90% from 24.46% in July 2023.
