A newly published report by the National Bureau of Statistics (NBS) has indicated a decline in Nigeria’s headline inflation rate to 33.40%in July 2024 from 34.19% in June 2024.
This is the first decline since December 2022, when it was last at 21.34 percent.
The headline inflation rate fell by 0.79 percentage points in July 2024 compared to June 2024, according to the Bureau’s Consumer Price Index (CPI) report for July 2024.
An analysis of the data revealed that, compared to July 2023, when it was 24.08 percent, the rate was 9.32 percentage points higher annually.
This indicates an increase in the headline inflation rate on a year-on-year basis for July 2024 compared to the same month in the previous year.
