For the first time since December 2022, the rate at which prices of goods and services rise has declined according the July inflation rate as reported by the National Bureau of Statisitcs (NBS) declining to 33.4 per cent from 34.19 per cent in June.
The latest data released by the NBS showed that while there is a slight relief in headline inflation, core inflation continued to edge up standing at 27.47 per cent, indicating persistent underlying pressures.
On a year-on-year basis, the headline inflation rate was 9.32 percentage 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.
Furthermore, on a month-on-month basis, the headline inflation rate in July 2024 was 2.28%, which was 0.03% lower than the 2.31 per cent recorded in June 2024. 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