Inflation Figures for July 2024 to be Released by US and Nigeria
The United States and Nigeria are set to release their inflation figures for July 2024 this week, with the US inflation rate expected to show a decline. The US Consumer Price Index (CPI) had previously dropped to 3 percent in June 2024, down from 3.3 percent in May 2024. This unexpected decline of 0.1 percent marks the first fall since May 2020, according to data from the Department of Labour. The cooling inflation rate comes ahead of the Federal Reserve’s anticipated cut in September.
In contrast, Nigeria’s inflation rate has continued to soar since December 2022, when it stood at 21.34 percent. The National Bureau of Statistics’ consumer price index and inflation rate rose to 34.19 percent in June 2024, while food inflation reached 40.87 percent. This worrying trend can be attributed to President Bola Ahmed Tinubu’s twin policies of fuel subsidy removal and Naira floating, implemented in June last year. The result has been a significant worsening of the cost of living for Nigerians.
The economic hardship caused by these policies has led to widespread protests, with Nigerians taking to the streets from August 1 to 10, 2024, under the hashtag #Endbadgovernance. As the world waits for the latest inflation figures, it remains to be seen whether these numbers will bring relief to consumers in both countries.
