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The latest report by the National Bureau of Statistics indicates that in July 2024, the headline inflation rate eased to 33.40%, compared to 34.19% in June 2024.
Looking at the movement, the July 2024 headline inflation rate decreased by 0.8% compared to June 2024.
On a month-on-month basis, the headline inflation rate in July 2024 decreased to 2.28% from 2.31% in June 2024, indicating a positive economic trend.
This indicates a lower rate of increase in the average price level in July 2024 compared to June 2024.
The food inflation rate also decreased from 40 per cent in June to 39.53 per cent in July.
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