The National Bureau of Statistics has revealed that inflation dropped to 33.4% in July, down from a 28-year high of 34.19% in June.
This represents a 0.79 percentage points decrease in July when compared to June.
The Consumer Price Index (CPI) report for July 2024 reveals a slowdown in food inflation as well, which fell to 39.5% from 40.8% in June.
The NBS stated: “On a month-on-month basis, the headline inflation rate for July 2024 was 2.28%, a slight decrease from June 2024’s rate of 2.31%. This signifies a slower rate of increase in the average price level compared to the previous month.”
On food inflation, the NBS attributed the decrease 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.”
This marks the first decline in the headline inflation rate since December 2022, when it last dropped to 21.34 per cent.
