Nigeria’s inflation rate has slowed down to 33.4% in July 2024, after almost two years of continuous increases.
This decrease is a welcome change, but many Nigerians are still struggling with high prices. The cost of food, transportation, and other essentials remains alarmingly high, and the recent dip in inflation has yet to deliver substantial relief to the average citizen.
The Central Bank of Nigeria has taken steps to address inflation, including raising the Monetary Policy Rate. However, the effectiveness of these measures remains uncertain. To achieve long-term price stability, Nigeria needs to address its structural challenges, such as its reliance on oil exports, infrastructure deficits, security concerns, and policy inconsistencies.
Key statistics:
– 33.4%: Nigeria’s inflation rate in July 2024
– 28-Year high: 34.19% inflation rate in July 2024
– 39.5%: Food inflation rate in July 2024
– 27.47%: Annual core inflation rate in July 2024
– 2.28%: Monthly consumer price increase in July 2024
