The National Bureau of Statistics (NBS) has stated that Nigeria’s inflation rate has decreased in July 2024.
The headline inflation rate fell to 33.40%, down from 34.19% in June 2024, representing a 0.8% reduction from the previous month.
This was disclosed in a statement on the NBS official website on Thursday, August 15.
The statement reads: “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 compared to the same month in the preceding year (i.e., July 2023).
“Furthermore, 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%).
“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. “
Not true. Inflation is up to 160%