₦airaland Forum

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 the expectations of Financial analysts 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 farmsz especially in the North East and North Central to ensure a hitch-free farming season in Nigeria.

tutudesz:
Anytime inflation falls, we never feel the effects but when inflation increases we feel the effect

Ikaeniyan0:
Speak for yourself alone

Price of Garri, tomato, pepper etc is falling

tutudesz:
Falling due to protest tomatoes season. Not because of inflation

Ikaeniyan0:
So it's price of Garri falling due to protest too? This is the 5th day after the protest, why's price not shooting up?

tutudesz:
So only garri price what about other price This is harvest time for most farmers and prices will natural fall, that has nothing to do with inflation rate.
If supply increases while demand remains constant, price decreases.

Ikaeniyan0:
Irish potatoe crashed by more than 50%

Ikaeniyan0:
Speak for yourself alone

Price of Garri, tomato, pepper etc is falling

Seefinish:
We all pray that the inflation should come down to a bearable level for the poor masses to breathe.

Tflex01:
News like this don't sell.