Nigeria's inflation rate dropped to 33.40 percent in July 2024, down from 34.19 percent in June, marking the first decline since December 2022 when it was at 21.34 percent. The National Bureau of Statistics revealed this in its latest Consumer Price Index and Inflation report released on Thursday.

The 0.79 percent decrease aligns with financial analysts' predictions that inflation would begin to cool off between July and August. In June, the CEO of Financial Derivatives projected that the rate of price increases would start to slow during this period.

Central Bank of Nigeria (CBN) Governor Olayemi Cardoso had previously assured that the Monetary Policy Committee (MPC) would take all necessary steps to curb inflation. As part of these efforts, the CBN has continued to raise interest rates, with the most recent hike in July bringing the rate to 26.75 percent, up from 26.25 percent in May.

The Nigerian government has also introduced fiscal measures, such as zero import duties on selected staple foods, to combat inflation. The Defence Headquarters also recently announced that it had deployed troops to farms in the North East and North Central regions to ensure a smooth farming season.