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%.
According to the NBS, “the headline inflation rate decreased to 33.40% in July 2024 from 34.19% in June 2024.” This indicates a 0.8 percentage point decline. In July 2023, the headline inflation rate was 9.32 percentage points more year over year than the 24.08% recorded in the same month the previous year, showing a rise in inflation.
The headline inflation rate for July 2024 was 2.28% on a month-over-month basis, which was marginally lower than the rate of 2.31% for June 2024. This indicates that the average price level is increasing more slowly than it did the previous month.
According to the research, there was a 12.55 percentage point increase in food inflation from 26.98% in July 2023 to 39.53% in July 2024. Price increases for products including Semovita, wheat flour, yam, Irish potatoes, groundnut oil, palm oil, and different beverages are to blame for this surge.
In July 2024, the month-over-month rate of food inflation was 2.47%, indicating a 0.08% decrease from the rate of 2.55% in June 2024. This decline is linked to lower price rises for goods like turkey meat, exercise books, textbooks, mudfish, fresh fish, watermelon, garri, and akpu (fufu).
