August 16, 2024/United Capital Research
Extracts from July-2024 Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) revealed that the Nigeria’s headline inflation printed at 33.40% on a year-on-year (y/y) basis, indicating a 79bps decline from June 2024’s print of 34.19% y/y.
Looking from a month-on-month viewpoint, data extracts revealed a corresponding slowdown in inflation growth rate in the local economy. For context, headline inflation rate climbed by 2.28% m/m in July, 3bps slower than the 2.31% recorded in June.
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