There seem to be a light at the end of Nigerian’s economic tunnel, this is even as the nation’s inflationary trend plummeted for the first time in 19 months.
This was disclosed by the National Bureau of Statistics, NBS, on Thursday. The Bureau while releasing the rate for July 2024, pegged the rate at 33.40%.
According to the NBS, in July 2024, the headline Nigeria’s inflation rate eased to 33.40%. This is relative to the June 2024 headline inflation rate of 34.19%.
Looking at the movement, the NBS said the July 2024 headline inflation rate showed a decrease of 0.8% points. This is when compared to the June 2024 headline inflationary 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. This is compared to the same month in the preceding year (i.e., July 2023),” NBS said.
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%).
According to NBS, “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.”
source: PM NEWS
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