Nigeria’s Inflation Rate Drops To 33.4%
Nigeria’s inflation rate has decreased to 33.40% in July 2024, according to the latest data released by the National Bureau of Statistics (NBS) on Thursday.
The last recorded decrease was in December 2022, when the rate dropped to 21.34%.
Osun Defender reports the reduction in inflation is happening for the first time in 19 months since December 2022, when it last dropped to 21.34%.
On a year-on-year basis, the inflation rate for July 2024 was 9.32 percentage points higher than the rate of 24.08% recorded in July 2023.
This year-on-year increase suggests that, despite the recent monthly decline, inflationary pressures are still significantly higher than they were a year ago.
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In addition to the annual comparison, the NBS report also provided a month-on-month analysis. The headline inflation rate for July 2024 stood at 2.28%, which is marginally lower than the 2.31% recorded in June 2024.
This slight decrease on a monthly basis is part of the overall positive trend observed in July.
