The inflation rate declined by 0.79 percentage points to 33.4% in July, falling from a 28-year peak of 34.19% in June, as reported by the National Bureau of Statistics (NBS).
The Consumer Price Index (CPI) report for July 2024 indicates a decrease in food inflation, dropping to 39.5% from 40.8% in June. The NBS announced that the headline inflation rate decreased to 33.40% in July 2024, down from 34.19% in June 2024, a 0.8 percentage point decline.
Compared to July 2023, the inflation rate was 9.32 percentage points higher, marking an increase year-on-year.
Furthermore, the month-on-month headline inflation rate for July 2024 was 2.28%, slightly lower than the 2.31% recorded in June 2024, signifying a slower pace of price level increase from the previous month.
In terms of food inflation, the report highlighted that the year-on-year food inflation rate in July 2024 was 39.53%, rising by 12.55 percentage points from 26.98% in July 2023.
This surge was attributed to price hikes in items like Semovita, Yam Flour, Wheat Flour, Yam, Irish Potatoes, Groundnut Oil, Palm Oil, and various beverages.
Month-on-month, the food inflation rate for July 2024 stood at 2.47%, reflecting a 0.08% decrease from the 2.55% rate in June 2024.
This decrease was linked to reduced price increments in items such as Tin Milk, Baby Powdered Milk, Mudfish, Fresh Fish, Date Palm Fruit, Watermelon, Garri, Akpu (fufu), Exercise Books, Textbooks, and Turkey Meat.
