The latest report from the National Bureau of Statistics (NBS) shows that the nation’s inflation rate dropped to 33.40% in July, relative to the 34.19% recorded in the Month of June, 2024.
NBS, in its Consumer Price Index CPI report released on Thursday disclosed that the food inflation rate also dropped to 39.54% from the 40.87% recorded in June.
NBS said, looking at the movement, the July 2024 headline inflation rate showed a decrease of 0.8% points when compared to the June 2024 headline inflation rate.
It said, on a year-on-year basis, the headline inflation rate was 9.32% points higher compared to the rate recorded in July 2023, which was 24.08%.
This, it said, shows that the headline inflation rate (year-on-year basis) increased in July 2024 compared to the same month in the preceding year (July 2023).
On a month-on-month basis, the Bureau said, 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 level was lower than the rate of increase in the average price level in June 2024.
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