Nigeria’s headline inflation rate decreased to 33.40% in July 2024 from 34.19% in June 2024, marking the first decline since December 2022, according to the newest report published today by the National Bureau of Statistics, Abuja.
The Bureau’s Consumer Price Index (CPI) report for July 2024 showed a decrease of 0.79 percentage points compared to June 2024. The rate was 9.32 percentage points higher on a year-on-year basis than in July 2023. On a month-on-month basis, the headline inflation rate was 2.28 percent, slightly lower than the 2.31% recorded in June 2024.
Urban inflation increased by 9.94% compared to 25.83% in July 2023, while rural inflation increased by 8.77% compared to 22.49% in July 2024. The corresponding twelve-month average for the rural inflation rate in July 2024 was 32.89%, 10.02% higher than the 22.87% reported in July 2023.
Food inflation increased by 12.55% compared to July 2023, with the rise in prices of items such as Semovita, Yam Flour, Wheat Flour, Yam, Irish Potatoes, Water Yam, Groundnut Oil, Palm Oil, Milo, Bournvita, Ovaltine. On a month-on-month basis, the food inflation rate decreased by 0.08% compared to June 2024, with the fall attributed to the decline in the rate of increase in average prices of Tin Milk, Baby Powdered milk, Mudfish fish, Fresh fish, Date Palm fruit, Watermelon, Garri, Akpu, Exercise books, Textbooks, and Turkey meat, minced pork.
The average annual rate of Food inflation for the twelve months ending June 2024 over the previous twelve-month average was 36.36%, an 11.90% point increase from the average yearly rate of change recorded in July 2023.
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