Nigeria Bureau of Statistics has said that food inflation rate in July 2024 was 39.53 per cent on a year-on-year basis, 12.55 per cent points higher compared to the rate recorded in July 2023 (26.98%). It said in its July inflation report that the rise in Food inflation on a year-on-year basis was 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. On a month-on-month basis, the Food inflation rate in July 2024 was 2.47% which shows a 0.08% decrease compared to the rate recorded in June 2024 (2.55%).
The fall can be attributed to the decline in the rate of increase in the average prices of Tin Milk, Baby Powdered milk, etc (Under Milk, Cheese & egg Class), Mudfish fish, Fresh fish (Obokun), snail, etc (Under Fish Class), Date Palm fruit (Debenu), Watermelon, etc Garri, Akpu (fufu), etc (Under Bread and Cereals Class), Exercise books, Textbooks, etc (Under Books & Stationaries Class) and Turkey meat, Minced Pork, etc (Under Meat Class) The average annual rate of Food inflation for the twelve months ending June 2024 over the previous twelve-month average was 36.36%, an 11.90% points increase from the average annual rate of change recorded in July 2023 (24.46%)
“In July 2024, the headline inflation rate eased to 33.40% relative to the June 2024 headline inflation rate of 34.19%. Looking at the movement, the July 2024 headline inflation rate showed a decrease of 0.8% points when compared to the June 2024 headline inflation rate. On a year-on-year basis, the headline inflation rate was 9.32% points higher compared to the rate recorded in July 2023, which was 24.08%. This shows that the headline inflation rate (year-on-year basis) increased in July 2024 compared to the same month in the preceding year (i.e., July 2023). Furthermore, on a month-on-month basis, the headline inflation rate in July 2024 was 2.28%, which was 0.03% lower than the rate recorded in June 2024 (2.31%). This means that in July 2024, the rate of increase in the average price level was lower than the rate of increase in the average price level in June 2024.
The percentage change in the average CPI for the twelve months ending July 2024 over the average of the CPI for the previous twelve-month period was 30.76%, showing an 8.84% increase compared to the 21.92% recorded in July 2023.
“On a year-on-year basis, in July 2024, the Urban inflation rate was 35.77%, this was 9.94% points higher compared to the 25.83% recorded in July 2023. On a month-on-month basis, the Urban inflation rate was 2.46% in July 2024, this was 0.003% points lower compared to June 2024 (2.46%). The corresponding twelve-month average for the Urban inflation rate was
32.89% in July 2024. This was 10.02% points higher compared to the 22.87% reported in July 2023. The Rural inflation rate in July 2024 was 31.26% on a year-on-year basis; this was 8.77% higher compared to the 22.49% recorded in July 2023. On a month-on-month basis, the Rural inflation rate in July 2024 was 2.10%, down by 0.07% points compared to June 2024 (2.17%). The corresponding twelve-month average for the Rural inflation rate in July 2024 was 28.86%. This was 7.82% higher compared to the 21.04% recorded in July 2023”.
