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.
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