Nigeria Inflation Declines To 33.40% In July –NBS

The latest report by the National Bureau of Statistics indicates that in July 2024, the headline inflation rate eased to 33.40%, compared to 34.19% in June 2024.

Looking at the movement, the July 2024 headline inflation rate decreased by 0.8% compared to June 2024.

On a month-on-month basis, the headline inflation rate in July 2024 decreased to 2.28% from 2.31% in June 2024, indicating a positive trend in the economy.

This indicates a lower rate of increase in the average price level in July 2024 compared to June 2024.

The food inflation rate also showed a decrease from 40 per cent in June to 39.53 per cent in July.