Nigeria's inflation rate has finally shown a downward trend, dropping to 33.40% in July 2024 from 34.19% in June. This 0.79% decrease marks the first decline since December 2022, when inflation stood at 21.34%.
According to the National Bureau of Statistics' latest Consumer Price Index and Inflation report, this decrease aligns with financial analysts' predictions of a cooldown from July to August.
Experts attribute this slowdown to the Central Bank of Nigeria's (CBN) efforts to tame inflation through monetary policies, including interest rate hikes. The CBN raised interest rates by 50 basis points to 26.75% in July.
Additionally, the Nigerian government has implemented fiscal measures to combat inflation, such as zero import duties on selected staple foods.
The Defence Headquarters' deployment of troops to farms
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