Nigeria’s inflation rate decreases by less than 1% in July

The National Bureau of Statistics has announced the inflation rate for July 2024, revealing a decrease in the headline rate to 33.4% from 34.19% in June 2024.

For July 2024, the month-on-month inflation rate was 2.28%, a slight drop from the 2.31% recorded in June 2024.

The year-on-year inflation rate for July 2024 stood at 33.40%, a 9.32 percentage point increase from the 24.08% recorded in July 2023.

The report indicates that the headline inflation rate decreased by 0.8 percentage points from June 2024, when it was 34.19%.

However, the headline inflation rate for July 2024 is 9.32 percentage points higher compared to the same month in the previous year.

This latest inflation update comes amid rising living costs in Nigeria, leading to widespread concern and calls for government intervention.

There is growing demand for the government to review its policies and implement effective measures to address the escalating inflation rate, which continues to impact citizens and constrain economic growth.