Nigeria’s headline inflation rate decreased to 33.40% in July 2024, a slight drop from 34.19% recorded in June, according to the latest Consumer Price Index (CPI) and Inflation Report released by the National Bureau of Statistics (NBS). This reduction marks a 0.8% decline from the previous month, although it remains significantly higher than the 24.08% rate recorded in July 2023.
On a month-to-month basis, July’s inflation rate was 2.28%, slightly down from June’s 2.31%. The report attributes the year-on-year increase to rising prices in key sectors such as food, housing, utilities, clothing, and transport.
Food inflation remains a significant concern, surging to 39.53% year-on-year in July, driven by higher costs for essentials like yam flour, wheat flour, and various oils. However, food inflation on a month-to-month basis slightly decreased to 2.47%, down from 2.55% in June.
Core inflation, which excludes volatile items such as agricultural products and energy, rose to 27.47% year-on-year in July, an increase of 6.99% from the previous year. The report also noted significant regional variations, with Bauchi, Jigawa, and Kebbi experiencing the highest year-on-year inflation rates, while Benue, Delta, and Borno saw the slowest increases.
Urban inflation reached 35.77% year-on-year, while rural inflation stood at 31.26%. The report further highlighted the rising costs of essential services like rent, transport, and healthcare, underscoring the ongoing economic challenges faced by Nigerians.
Credit: NAN (Text Excluding Headline)
