According to data from the National Bureau of Statistics, consumer prices increased by 33.4% in July, down from 34.2% in June.
The report revealed that the headline inflation rate decreased by 0.79 percentage points in July 2024 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 stood at 24.08%. This indicates an increase in the headline inflation rate year-on-year for July 2024 compared to the same month the previous year.
On a month-on-month basis, the headline inflation rate in July 2024 was 2.28%, slightly lower than the 2.31% recorded in June 2024.
This decline aligns with the projections of financial analysts who expected inflation to ease between July and August.
“The picture is that the rate of increase in price levels has begun to slow. Hence, we are projecting that inflation will begin to decline from July to August,” said the Chief Executive Officer of Financial Derivatives in June.
Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, had earlier assured that the Monetary Policy Committee (MPC) would take all necessary measures to control inflation.
As part of these efforts, the MPC has continued to raise interest rates, with the latest increase in July by 50 basis points to 26.75% from 26.25% in May.
Additionally, the Nigerian government recently introduced fiscal measures to combat inflation, including zero import duties on select staple foods such as husked brown rice, grain, sorghum, millet, maize, wheat, and beans.
To further support the fight against inflation, the Defence Headquarters announced the deployment of troops to farms in the North East and North Central regions to ensure a smooth farming season.