By Abiola Olawale
Nigeria has experienced a positive development as the inflation rate dropped for the first time in 19 months, reaching 33.40% in July 2024.
This was revealed in the latest figure released by the National Bureau of Statistics (NBS).
According to the report of the NBS, the headline inflation rate decreased to 33.40% in July 2024, down from 34.19% which was recorded in June 2024.
Further breakdown of the report revealed that the headline inflation rate decreased by 0.79 percentage points in July 2024 compared to June 2024.
However, on a year-on-year basis, the rate was 9.32 percentage points higher than in July 2023, when it stood at 24.08%. This indicates an increase in the headline inflation rate on a year-on-year basis for July 2024 compared to the same month in the previous year.
In addition , on a month-on-month basis, the headline inflation rate in July 2024 was 2.28%, marginally lower than the 2.31% recorded in June 2024.
The New Diplomat reports that this development comes after the conclusion of a nationwide protest held from August 1, 2024, to August 10, 2024, over the rising cost of living.
Recall that several Nigerians had trooped to the streets to express their grievances to the Federal Government about the harsh economic situation in the country.
