Nigeria’s annual inflation rate eased for the first time in five months after a persistent jump, rising by .79 percentage point.
The National Bureau of Statistics (NBS) said in its report released on Thursday that the Inflation rate eased to 33.40 per cent in July 2024 compared to 34.19 per cent in June.
According to the report: “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.”