Nigeria’s Inflation Drops For First Time Since 2022

Nigeria’s inflation fell to 33.40 percent in July 2024 from 34.19 percent in June on a year-on-year basis.

This is the first time the country’s inflation has cooled down since December 2022 when it stood at 21.34 percent.

The National Bureau of Statistics disclosed this in its latest Consumer Price Index and Inflation for July released on Thursday.

This represents a 0.79 percent decline compared to the 34.19 percent recorded in June 2024.

The decline was in line with Financial analysts’ expectations, who projected that the country’s inflation would cool off 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 farms especially in the North East and North Central to ensure a hitch-free farming season in Nigeria.