Nigeria’s inflation rate declined to 33.4 percent in July, a recent report From the National Bureau of Statistics (NBS) reveals.
This is below the 34.2 percent reported in June and is the first decline in 19 months.
The headline rate for July 2024 was 33.40% (9.32% points higher than July 2023). On a month-on-month basis, the rate decreased by 0.03% to 2.28% in July 2024, compared to 2.31% in June 2024.
Food inflation rate also decreased to 39.53% in July 2024, down from 40% in June 2024. However, on a year-on-year basis, food inflation increased by 12.55% points compared to July 2023.”
According to NBS, “The rise in Food inflation on a year-on-year basis was caused by increases in prices of the following items Semovita, Yam Flour (Prepacked), Wheat Flour (Prepacked), etc (Bread and Cereals Class), Yam, Irish Potatoes, Water Yam, etc (Potatoes, Yam & Other Tubers Class), Groundnut Oil, Palm Oil, (Oil & Fats Class) and Milo, Bournvita, Ovaltine (Coffee, Tea & Cocoa Class), etc.
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“On a month-on-month basis, the Food inflation rate in July 2024 was 2.47% which shows a 0.08% decrease compared to the rate recorded in June 2024 (2.55%). The fall can be attributed to the decline in the rate of increase in the average prices of Tin Milk, Baby Powdered milk, etc (Under Milk, Cheese & egg Class), Mudfish fish, Fresh fish (Obokun), snail, etc (Under Fish Class), Date Palm fruit (Debenu), Watermelon, etc Garri, Akpu (fufu),
etc (Under Bread and Cereals Class), Exercise books, Textbooks, etc (Under Books & Stationaries Class) and Turkey meat, Minced Pork, etc (Under Meat Class).”
