UPDATED: Nigeria’s inflation rate eases first time in 19 months

Nigeria’s annual inflation rate in July eased after a persistent rise in nearly two years.

Inflation rate eased to 33.40 per cent in July 2024 compared to 34.19 per cent in June, the National Bureau of Statistics (NBS) announced Thursday.

Inflation indicators compare prices of goods and services in 12 months. A decline does not necessarily imply a reduction in prices; instead, it shows the rate of price increase had fallen compared to previous months.

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