The National Bureau of Statistics (NBS) has stated that Nigeria’s inflation rate declined to 33.40 per cent in July.
This shows a decline of 0.8 per cent compared to the 34.19 per cent reported in June.
This is the first decline in inflation in the last 19 months.
The NBS in the consumer price index (CPI) published on Thursday, said the headline inflation rate in July showed “0.3% points lower when compared to the June 2024 headline inflation rate”.
It further noted that on a year-on-year basis, the headline inflation rate was 9.32 per cent points higher compared to the rate recorded in July 2023, which was 24.08 per cent.
“This shows that the headline inflation rate (year-on-year basis) increased in July 2024 compared to the same month in the preceding year (i.e., July 2023).
“Furthermore, on a month-on-month basis, the headline inflation rate in July 2024 was 2.28%, which was 0.03% lower than the rate recorded in June 2024 (2.31%). This means that in July 2024, the rate of increase in the average price level was lower than the rate of increase in the average price level in June 2024.”
