Nigeria’s inflation rate eased for the first time in months, according to the July’s 2024 cap released by the National Bureau of Statistics ,NBS.
At 33.40%, the headline inflation rate slowed down when compared to June which stood at 34.19%.
Looking at the movement, the NBS said the July 2024 headline inflation rate showed a decrease of 0.8% points when compared to the June 2024 headline inflation rate.
The bureau added that 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 bureau said.
