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.
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