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.
The development marks the first since December 2022, when it last dropped to 21.34
According to the Bureau’s Consumer Price Index (CPI) report for July 2024, the headline inflation rate decreased by 0.79% in July 2024
A breakdown of the figure showed that on a year-on-year basis, the rate was 9.32% points higher than in July 2023, when it stood at 24.08%.
This indicates an increase in the headline inflation rate on a year-on-year basis