By Ikugbadi Oluwasegun
The inflation rate in Nigeria has dropped from 34.19 percent in June to 33.40 percent in July, according to the latest report released on Thursday by National Bureau of Statistics (NBS).
The inflation was reduced by 0.79 percent compared to the previous month.
The NBS further analysis shows that, “In July 2024, the headline inflation rate eased to 33.40% relative to the June 2024 headline in flation rate of 34.19%.
“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. 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 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 level was lower than the rate of increase in the average price level in June 2024.”