Nigeria’s inflation slows for the first time in 19 months

Nigeria’s inflation slowed for the first time in 19 months, offering some hope that successive rate hikes may finally be yielding some results. It will also be good news for Nigerians suffering the worst cost of living crisis in decades.

Data from the Nigerian Bureau of Statistics puts July’s headline inflation at 33.40%, down from 34.19% recorded in June. Food inflation also slowed to 39.53% from 40.87% in June 2024.

“The moderations we have been expecting for the longest time might start to happen through the end of the year,” said Samuel Onyenkanmi, an Analyst at Norreberger. 

A slowdown in inflation will offer some respite to its citizens who have borne the brunt of Tinubu’s reforms. Those citizens have staged protests demanding lower electricity tariffs and the reinstatement of fuel subsidies. In July, the government suspended taxes and import duties on food items like maize and wheat for 150 days, a move aimed at lowering the cost of food.

Despite the positive notes in food and headline inflation, core inflation (all items except farm produce and energy) quickened to 27.47%, with rent, transportation, and other services driving the increases.

*This is a developing story