In a report released on Wednesday, July 16, the NBS said this represents a 0.75 percentage point monthly drop and 11.97 points lower than the 34.19% recorded in June 2024.
However, on a month-to-month basis, inflation rose slightly to 1.68% from 1.53% in May, indicating persistent price increases in key sectors like food, transport, and housing.
Food inflation dropped to 21.97% year-on-year, but monthly food prices jumped to 3.25%, driven by staples such as tomatoes, pepper, crayfish, and plantain flour.
READ ALSO: Nigeria’s Inflation Rate Down to 22.97% in May — NBS
