By John Ikani
Nigeria’s inflation rate decreased to 33.40 percent in July 2024, down from 34.19 percent in June, marking the first decline since December 2022 when it was 21.34 percent.
The National Bureau of Statistics (NBS) made this known in its recent Consumer Price Index and Inflation report for July, published on Thursday.
This signifies a 0.79 percent drop compared to the 34.19 percent recorded in June 2024.
The decrease aligned with the predictions of financial analysts who anticipated that the nation’s inflation would ease from July to August.
“The trend indicates that the rate of price increases has started to slow down. Therefore, we foresee inflation starting to decline from July to August,” stated the Chief Executive Officer of Financial Derivatives in June.
CBN governor, Olayemi Cardoso, had previously guaranteed that the Monetary Policy Committee would take all necessary steps to curb inflation.
As part of its efforts to control inflation, the CBN, through the MPC, has continued to increase interest rates.
The most recent increase occurred in July, raising the rate by 50 basis points to 26.75 percent from 26.25 percent in May.
Furthermore, the Nigerian government has recently implemented fiscal measures, such as eliminating import duties on certain staple foods, to combat inflation.
The Defence Headquarters recently announced the deployment of troops to farms, particularly in the North East and North Central, to ensure a smooth farming season in Nigeria.
