Nigeria’s headline inflation rate has dropped for the first time since December 2022, from 34.19% to 33.40% in July, FIJ can report.
This was disclosed in the Consumer Price Index (CPI) inflation report published by the National Bureau of Statistics on Thursday. The report stated that Nigeria witnessed a 0.79% decrease in headline inflation in the month of July.
The report also specified that the July inflation figure was 9.32% higher than what was obtained in 2023.
“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”, the report read in part.
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