Nigeria’s National Bureau of Statistics (NBS) has announced that the country’s headline inflation rate in July 2024 eased to 33.40% relative to the June 2024 headline inflation rate of 34.19%.
In its monthly review of the Consumer Price Index, which measures inflation, the NBS said that the July headline inflation rate showed a decrease of 0.8% points when compared to the June 2024 headline inflation rate.
On a year-on-year basis, the NBS said that the headline inflation rate was 9.32% points higher compared to the rate recorded in July 2023, which was 24.08%.
“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 Nigeria’s National Bureau of Statistics (NBS) has announced that the July 2024 headline inflation rate eased to 33.40% relative to the June 2024 headline inflation rate of 34.19%,” the NBS said.
GIK/APA