Nigeria inflation falls for the first time in over a year

August 15, 2024

Nigeria’s headline inflation rate fell in July for the first time in over a year to 33.40% in annual terms from 34.19% in June, according to the National Bureau of statistics on Thursday.

The report on Thursday showed food and non-alcoholic beverages continued to be the biggest contributor to inflation in July.

The last month that annual inflation fell was December 2022.

Recall that the central bank has increased interest rates four times this year to try to get inflation under control,

The Central Bank of Nigeria’s next monetary policy meeting is scheduled for late September.