The National Bureau of Statistics on Thursday, said that Nigeria’s inflation rate has dropped to 33.40 per cent in July 2024 from 34.19 per cent in June 2024.
INFORMATION NIGERIA reports that the latest development marked the first since December 2022, when it last reduced to 21.34 per cent.
According to National Bureau of Statistics’ report for July 2024, on Thursday, 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.
The reports reads: “In July 2024, the headline inflation rate eased to 33.40 per cent relative to the June 2024 headline inflation rate of 34.19 per cent.
READ MORE: Things Are Getting Out Of Hand – Actor Saidi Balogun On Nigeria’s Inflation
“Looking at the movement, the July 2024 headline inflation rate showed a decrease of 0.8 per cent points when compared to the June 2024 headline inflation rate.
“On a year-on-year basis, the headline inflation rate was 9.32 per cent points higher compared to the rate recorded in July 2023, which was 24.08 per cent.
“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).”
INFORMATION NIGERIA reports that the NBS’s latest development is coming, amid economic hardship facing Nigerians.
After the removal of subsidy on fuel, announced by President Bola Ahmed Tinubu, during his inauguration speech, on the 29th of May, 2023, the price of commodities have sky rocket beyond measure.
