Nigeria’s inflation rate dropped to 33.40% in July 2024, according to the latest figures released on Thursday by the National Bureau of Statistics (NBS).
The rate dropped by 0.79% when compared to the 34.19% recorded in June 2024.
The drop in inflation is happening for the first time in 19 months since December 2022, when it last dropped to 21.34%.
On a year-on-year basis, the rate was 9.32% points higher than in July 2023, when it stood at 24.08%.
The development indicates an increase in the headline inflation rate on a year-on-year basis for July 2024 compared to the same month in the previous year.
Additionally, 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.