The National Bureau of Statistics (NBS) reports that in July, the rate of inflation dropped by 0.79 percentage points to 33.4%, from a 28-year high of 34.19% in June. 

Food inflation also decreased in July 2024, according to the Consumer Price Index (CPI) statistics, dropping from 40.8% in June to 39.5%.

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.

“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.”