Nigeria’s headline inflation rate decreased from 34.19 percent in June 2024 to 33.40 percent in July 2024, according to data from the National Bureau of Statistics (NBS). Since December 2022, when it last fell to 21.34 percent, this is the first dip.
The headline inflation rate fell by 0.79 percentage points in July 2024 compared to June 2024, according to the Bureau’s CPI report for July 2024, accessed by BrandSpur national news stories.
An analysis of the data revealed that, compared to July 2023, when it was 24.08 percent, the rate was 9.32 percentage points higher annually.
This shows that, in July 2024, the headline inflation rate will be higher year over year than it was in the same month the previous year. The headline inflation rate in July 2024 was 2.28 percent on a month-over-month basis, which was marginally less than the 2.31 percent reported in June 2024.
According to the report: “In July 2024, the headline inflation rate eased to 33.40 percent relative to the June 2024 headline inflation rate of 34.19 percent. Looking at the movement, the July 2024 headline inflation rate showed a decrease of 0.8 percent points when compared to the June 2024 headline inflation rate.
“On a year-on-year basis, the headline inflation rate was 9.32 percent points higher compared to the rate recorded in July 2023, which was 24.08 percent. This shows that the headline inflation rate (year-on-year basis) increased in July 2024 compared to the same month in the preceding year (i.e., July 2023),” the report added.
BrandSpur National News Desk, taking a look at urban inflation, reports that year over year, the Urban Inflation Rate in July 2024 was 35.77%, 9.94% points more than the 25.83% recorded in July 2023.
In July 2024, the Urban Inflation Rate was 2.46% on a month-over-month basis, which was 0.003% points less than in June 2024 (2.46%). In July 2024, the equivalent 12-month average of the Urban inflation rate was 32.89%. Compared to the A22.87% recorded in July 2023, this was 10.02% greater.
Looking at the rural inflation rate, in July 2024, the rural inflation rate was 31.26% year over year, 8.77% higher than the 22.49% rate in the same month the previous year. In July 2024 the rural inflation rate was 2.10% on a month-over-month basis, which was 0.07% points lower than the rate in June 2024 (2.17%).
In July 2024, the Rural inflation rate had a twelve-month average of 28.86%. When compared to the 21.04% observed in July 2023, this was 7.82% greater.
For food inflation, in July 2024, the annual rate of food inflation was 39.53%, which represents a 12.55% increase over the rate of 26.98% in the same month the previous year.
The following items had price increases that contributed to the annual increase in food inflation: In the category of bread and cereals, there are Semovita, prepackaged wheat flour, water yam, etc.; in the potato, yam, and other tuber classes; in the oil and fats class, there are Groundnut Oil, Palm Oil, etc.; and in the coffee, tea, and cocoa class, there are Milo, Bournvita, Ovaltine, etc.
In July 2024, the monthly rate of food inflation was 2.47%, indicating a 0.08% decline from the rate of 2.55% reported in June 2024.
The decrease in the rate of increase in the average prices of the following products can be attributed to the autumn: exercise books, textbooks, etc. (Under Books & Stationaries Class); turkey meat, minced pork, etc. (Under Meat Class); date palm fruit (Debenu), watermelon, etc.; Garri, Akpu (fufu), etc. (Under Fish Class); and tin milk, baby powdered milk, etc. (Under Milk, Cheese & Egg Class).
However, in comparison to the preceding twelve-month average, the average annual rate of food inflation for the twelve months ending in June 2024 was 36.36%. This is an increase of 11.90% points over the average annual rate of change recorded in July 2023 (24.46%).
