The nation’s inflation rate has not decreased since December 2022, when it was 21.34 percent.

This was revealed in the National Bureau of Statistics’ most recent Consumer Price Index and Inflation for July, which was made available on Thursday.

In comparison to the 34.19 percent reported in June 2024, this is a 0.79 percent reduction.

Financial analysts had predicted that the country’s inflation would slow down in July and August, so the reduction made sense.
It appears that the rate of increase in the level of prices has started to decrease. Therefore, we anticipate that information will start to decrease in July or August,” Financial Derivatives’ Chief Executive Officer stated in June.

Olayemi Cardoso, the governor of the CBN, had previously promised that the Monetary Policy Committee would make every effort to control inflation.

The CBN has been raising interest rates through the MPC as part of its efforts to control inflation.

The most recent increase occurred in July, when it increased the rate from 26.25 percent in May to 26.75 percent by 50 basis points.

In order to combat inflation, the Nigerian government has also lately implemented fiscal measures, such as zero import taxes on a number of staple commodities.

Additionally, keep in mind that the Defense Headquarters recently declared that, in order to guarantee a trouble-free farming season in Nigeria, it has sent troops to fields, particularly in the North East and North Central.