Nigeria’s inflation rate drops to 33.40% in July, first decline in 19 months

Nigeria’s inflation rate fell to 33.40% in July, marking the first decline in 19 months, according to the National Bureau of Statistics (NBS).

This is a slight decrease from the 34.19% recorded in June.

The NBS reported a 0.8% drop in the Consumer Price Index (CPI), which tracks changes in the prices of goods and services.

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Year-on-year, the inflation rate was still 9.32 percentage points higher compared to July 2023, when it was 24.08%.

Food inflation also decreased to 39.53% in July, down from 40.87% in June, though it remains significantly higher than the 26.98% rate seen in July 2023.