The inflation rate declined by 0.79 percentage points to 33.4% in July, down from a 28-year peak of 34.19% in June, as reported by the National Bureau of Statistics (NBS). According to the July 2024 Consumer Price Index (CPI) report, there was also a reduction in food inflation, which decreased to 39.5% from 40.8% in June.
The NBS noted: “In July 2024, the headline inflation rate eased to 33.40%, compared to 34.19% in June 2024, marking a decrease of 0.8 percentage points. Year-on-year, the headline inflation rate was 9.32 percentage points higher than the 24.08% recorded in July 2023, indicating an increase in inflation compared to the same period last year. Continue Reading…
“On a month-to-month basis, the headline inflation rate for July 2024 was 2.28%, a slight reduction from June 2024’s rate of 2.31%. This indicates a slower rise in the average price level compared to the previous month.”
Regarding food inflation, the report stated: “The food inflation rate in July 2024 was 39.53% year-on-year, an increase of 12.55 percentage points from 26.98% in July 2023. This rise is driven by higher prices for items such as Semovita, Yam Flour, Wheat Flour, Yam, Irish Potatoes, Groundnut Oil, Palm Oil, and various beverages.
“On a month-to-month basis, the food inflation rate in July 2024 was 2.47%, a 0.08% decrease from June 2024’s rate of 2.55%. This drop is attributed to reduced price increases in items like Tin Milk, Baby Powdered Milk, Mudfish, Fresh Fish, Date Palm Fruit, Watermelon, Garri, Akpu (fufu), Exercise Books, Textbooks, and Turkey Meat.”.…For More READ THE FULL STORY▶▶
