Nigeria's inflation rate has slowed for the first time in 19 months, with July's headline inflation recorded at 33.40%, down from 34.19% in June, according to the Nigerian Bureau of Statistics.
Food inflation decreased to 39.53% from 40.87% in the previous month. This moderation offers some hope for Nigerians facing a severe cost of living crisis, as analysts suggest that further improvements may occur by the end of the year.
The slowdown is attributed primarily to food and alcoholic beverages, while fuel and energy costs contributed less significantly. In response to public discontent over rising costs, the government suspended taxes and import duties on essential food items for 150 days.
However, some analysts remain sceptical about a significant reduction in inflation, predicting stabilisation in food prices rather than an overall decline.
