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Nigeria records drop in inflation rate

Inflation

In July 2024, Nigeria’s headline inflation rate saw a decrease to 33.40%, down from 34.19% in June 2024, marking the first decline since December 2022.

According to the National Bureau of Statistics (NBS) Consumer Price Index (CPI) report, the headline inflation rate dropped by 0.79 percentage points compared to June 2024.

However, on a year-on-year basis, the rate was 9.32 percentage points higher than in July 2023, when it was 24.08%.

On a month-on-month basis, the headline inflation rate slightly declined to 2.28% in July 2024, compared to 2.31% in June 2024. The major contributors to the year-on-year inflation were food and non-alcoholic beverages, which accounted for 17.30%, followed by housing, water, electricity, gas, and other fuel.

Core Inflation (excluding volatile agricultural products and energy prices) reached 27.47% year-on-year in July 2024, up by 6.99 percentage points from 20.47% in July 2023. The month-on-month core inflation rate also increased slightly to 2.16% in July 2024, from 2.06% in June 2024.

Food Inflation rose to 39.53% year-on-year in July 2024, a significant increase from 26.98% in July 2023. This was mainly driven by higher prices for items such as semovita, yam flour, and wheat flour. However, the food inflation rate on a month-on-month basis was 2.47% in July 2024, down slightly from 2.55% in June 2024.

Urban Inflation on a year-on-year basis was 35.77% in July 2024, up by 9.94 percentage points from 25.83% in July 2023. Month-on-month, the urban inflation rate remained stable at 2.46%. The twelve-month average urban inflation rate was 32.89% in July 2024, compared to 22.87% in July 2023.

Rural Inflation was 31.26% year-on-year in July 2024, up by 8.77 percentage points from 22.49% in July 2023. The month-on-month rural inflation rate slightly decreased to 2.10% in July 2024 from 2.17% in June 2024. The twelve-month average rural inflation rate stood at 28.86% in July 2024, compared to 21.04% in July 2023.

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