Nigeria’s Inflation Rate Sees Slight Decrease, but Economic Woes Persist
A renowned economist, Paul Alaje, has described Nigeria’s galloping inflation as “crazy and very disturbing” in a recent interview on Channels Television’s The Morning Brief programme. Alaje’s remarks come as the country grapples with economic pressure following the removal of petrol subsidies and naira devaluation. The #EndBadGovernance nationwide protests earlier in August highlighted the issue of hunger as a major concern.
According to a recent report by the National Bureau of Statistics (NBS), Nigeria’s inflation rate decreased to 33.40% in July 2024, down from 34.19% in June 2024. However, on a year-on-year basis, the rate is still 9.32% points higher than in July 2023, when it was at 24.08%.
The food inflation rate stood at 39.53% for July 2024, an increase of 12.55 percentage points compared to the 26.98% recorded in July 2023. The report attributed the rise in inflation to skyrocketing prices for items such as semovita, yam flour, and wheat flour.
As Nigerians continue to struggle with economic hardship, it remains to be seen whether the slight decrease in inflation rate will bring relief to those affected.
