Nigeria headline inflation eases to 33.40% in July 

Nigeria’s headline inflation rate eased to 33.40 per cent in July 2024, down from 34.19 per cent in June 2024. This represents a decrease of 0.8 per cent from the previous month.

Compared to July 2023, when the inflation rate was 24.08 per cent, the rate in July 2024 was 9.32 per cent higher, reflecting a significant increase over the past year.

On a month-on-month (MoM) basis, the headline inflation rate for July 2024 was 2.28 per cent, slightly lower than the 2.31 per cent recorded in June 2024. This indicates a slower rate of increase in average price levels in July compared to the previous month.

Attribution: Nigeria’s National Bureau of Statistics data on Thursday

Subediting: M. S. Salama