Nigeria’s inflation rate has fallen to 33.40% in July 2024, a decline from 34.19% in June, according to the National Bureau of Statistics (NBS).
This marks the first time the country’s inflation has cooled down since December 2022, when it stood at 21.34%.
The NBS disclosed this in its latest Consumer Price Index and Inflation report for July, released on Thursday.
The decline represents a 0.79% decrease compared to the previous month.
Financial analysts had 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 inflation will begin to decline from July to August,” said the Chief Executive Officer of Financial Derivatives in June.
CBN Governor Olayemi Cardoso had assured that the Monetary Policy Committee would do everything to tame inflation.
To combat inflation, the CBN has continued to raise interest rates, with the latest increase being 50 basis points to 26.75% in July.
The Nigerian government has also introduced fiscal measures, including zero import duties on selected staple foods, to tackle inflation.
Additionally, the Defence Headquarters has deployed troops to farms, especially in the North East and North Central, to ensure a hitch-free farming season.
The decline in inflation is a positive development for the Nigerian economy, indicating a slowdown in price increases.