A newly released report by the National Bureau of Statistics (NBS) has indicated a decline in Nigeria’s headline inflation rate to 33.40 per cent in July 2024 from 34.19 per cent in June 2024.
Since January 2023, this is the first recorded drop in Nigeria’s ever-increasing inflation rate.
According to the Bureau’s Consumer Price Index (CPI) report for July 2024, the headline inflation rate decreased by 0.79 percentage points in July 2024 compared to June 2024.
A breakdown of the figure showed that on a year-on-year basis, the rate was 9.32 percentage points higher than in July 2023, when it stood at 24.08 per cent.
This indicates an increase in the headline inflation rate on a year-on-year basis for July 2024 compared to the same month in the previous year.