Nigeria’s headline inflation rate contracted to 33.40 per cent in July 2024 from 34.19 per cent recorded in June 2024. The headline inflation decreases by 0.79 per cent. Data from the Nigeria Bureau of Statistics (NBS) shows that the annual inflation rate has reversed by 2.08 per cent to 9.32 per cent from 11.40 per cent which still remains the highest over the year. Month-on-month, headline inflation declined by 0.25 per cent from 0.71 percent in June 2024.

The NBS report also provided insights into the sectoral performance, showing that the food sector recorded the highest inflation rate, followed by the transportation and housing sectors.