Latest data by the National Bureau of Statistics (NBS), on Wednesday, said average prices (inflation) in Nigeria witnessed a marginal slowdown in growth during the month of July, rising by 33.4% year-on-year, down by 80 basis points when compared to 34.19% in the prior month. It however represented a significant increase over the 24.08% reported year-on-year in the same period of 2023

In the same vein, food prices, which had over the years remained a major driver of inflation, also fell 134 basis points to 39.53% yoy, after 18 successive months of steady rise. It was, however, 12.55% higher compared to the 26.98% rate recorded in July 2023, “caused by increases in prices of the following items Semovita, Yam Flour (Prepacked), Wheat Flour (Prepacked), etc (Bread and Cereals Class), Yam, Irish Potatoes, Water Yam, etc (Potatoes, Yam & Other Tubers Class), Groundnut Oil, Palm Oil, etc (Oil & Fats Class) and Milo, Bournvita, Ovaltine (Coffee, Tea & Cocoa Class), etc,” according to the NBS report.

Within the period, urban inflation rate stood at 35.77%, up by 9.94% compared to the 25.83% recorded in July 2023, while the corresponding 12-month average was32.89% in July 2024, representing 10.02% points growth compared to the 22.87% reported in July 2023.

Rural inflation rate in July 2024 was 31.26% yoy, which was 8.77% higher compared to the 22.49% recorded in July 2023, even as the corresponding 12-month average was 28.86%, 7.82% higher than the 21.04% recorded in July 2023.
A comparison of inflation numbers across the state showed that overall, the highest rice in prices on a Year-on-Year basis was seen in Bauchi at 46.04%, followed by Jigawa’s 40.77%, and Kebbi, 37.47%. On the reverse side, inflation rose at the slowest pace in Benue, 27.28%; Delta, 28.06%; and Borno, 28.33%.

Food Inflation in July 2024 was highest in Sokoto, 46.26%; Jigawa, 46.05%; Enugu, 44.06%; while Adamawa recorded the slowest growth with 33.48%; Bauchi, 35.10%; and Benue, 36.41%.