Data from the National Bureau of Statistics (NBS) shows that the headline inflation for July 2024 eased to 33.40% compared to the 34.19% recorded in June 2024.
The July inflation showed a decline of 0.8% points compared to the June figure.
The annual inflation rate stood at 9.32%, higher than the rate recorded in June, at 24.08%. This shows that the inflation rate rose in July compared to the same month in the previous year.
Also, the inflation rate in July 2024 was 2.28% lower than the one recorded in June 2024, which was 2.31%.
This development means that the rate of increase in the average price level was lower in July than in June 2024.
According to the statistics body, all-item inflation was highest in Bauchi at 46.04%, Jigawa at 40.77%, and Kebbi at 37.47%, while Benue recorded 27.28% of all-item inflation.
Meanwhile, Borno recorded the slowest rise in inflation every year.
Abuja recorded the highest monthly inflation in July, at 3.91%, Borno at 3.84%, and Enugu at 3.76%, while Taraba saw a 0.17% climb.
Kwara recorded the slowest rise in inflation at 0.62%, and Ondo recorded 0.91% every month.
The NBS report said that Sokoto emerged as the most expensive state to buy in July at 46.26%, Jigawa at 46.05%, and Enugu at 44.06%, while Adamawa recorded 33.48%, Bauchi at 35.10%, and Benue recorded the slowest rise in food inflation.
Every month, July food inflation was highest in Borno at 5.07%, Sokoto at 4.99%, and Enugu at 4.17%, while Kwara recorded a 0.51% inflation rate.
Taraba recorded the slowest rise in food inflation at 0.56% and Ondo at 0.68%.
Experts have predicted that the Central Bank of Nigeria (CBN) will reduce the countryâs Monetary Policy Rate (MPR) in their next Monetary Policy Committee (MPC) meeting.
The apex bank currently pegged Nigeriaâs interest rates at 26.25% for June 2024 following an increase in the countryâs inflation.
Economist and data analyst John Oladele disclosed that the current inflation figure is still relatively high but provides some breathing room for households whose income was eroded due to surging inflation.
TimesNow.com.ng earlier reported that the Nigerian government had already started implementing the 150-day duty-free imported window directed by President Bola Tinubu.
The move will allow Nigerians to import essential food items into the country to tame the rising food inflation.
According to the Nigerian Customs Service, the Nigerian government will forfeit about N187 billion on import duty during the policy period.
Proofread by Kola Muhammed, journalist and copyeditor at TimesNow.com.ng
