Inflation Eases to 33.40%

James Emejo in Abuja

The Consumer Price Index (CPI) which measures the rate of change in prices of goods and commodities eased to 33.40 per cent in July compared to 34.19 per cent in the preceding month, the National Bureau of Statistics (NBS) said Thursday.

Year on year, headline inflation rate was 9.32 per cent higher compared to 24.08 per cent in July 2023.

According to the CPI report for the month under review,  month on month, inflation stood at 2.28 per cent in July compared to 2.31 per cent in June.

However, year on year, food inflation increased to 39.53 per cent compared to 26.98 per cent in July 2023.

Also, the “All items less farm produces and energy” or core inflation, which excludes the prices of volatile agricultural produces and energy increased to 27.47 per cent year on year in July compared to 20.47 per cent in the correspondent period of 2023.

Details later…