BREAKING: Nigeria’s inflation drops in July, first decline since December 2022

Nigeria’s inflation rate fell to 33.40% in July 2024, down from 34.19% in June, marking the first decline since December 2022 when it was 21.34%.

This decrease, disclosed by the National Bureau of Statistics in its latest Consumer Price Index and Inflation report, represents a 0.79% drop compared to the previous month.

The decline aligns with financial analysts’ projections, who anticipated a cooling off in the country’s inflation from July to August.

“The picture is that the rate of increase in price level has begun to slow. Hence we are projecting that information will begin to decline from July to August”, the Chief Executive Officer of Financial Derivatives said in June.

CBN governor, Olayemi Cardoso had earlier assured that the Monetary Policy Committee would do everything to tame inflation.

As part of measures to ensure inflation is tame, CBN through MPC has continued to raise interest rates.

The latest was in July when it raised the rate by 50 basis points to 26.75 percent from 26.25 percent in May.

Additionally, the Nigerian government had recently introduced fiscal measures including zero import duties on selected staple foods to tackle inflation.

Also, recall that Defence Headquarters recently said that it had deployed its troops to farmsz especially in the North East and North Central to ensure a hitch-free farming season in Nigeria.