The National Bureau of Statistics (NBS), has released a data that indicates that the headline inflation for July 2024 has eased to 33.40% compared to the 34.19% recorded in June 2024.

The inflation showed a decline of 0.8% points compared to the June figure.

The annual inflation rate stood at 9.32%, higher than the rate recorded in June, at 24.08%.

This shows that the inflation rate rose in July compared to the same month in the previous year.

Also, the inflation rate in July 2024 was 2.28% lower than the one recorded in June 2024, which was 2.31%.

This development means that the rate of increase in the average price level was lower in July than in June 2024.

According to the statistics body, all-item inflation was highest in Bauchi at 46.04%, Jigawa at 40.77%, and Kebbi at 37.47%, while Benue recorded 27.28% of all-item inflation.

Meanwhile, Borno recorded the slowest rise in inflation every year. Abuja recorded the highest monthly inflation in July, at 3.91%, Borno at 3.84%, and Enugu at 3.76%, while Taraba saw a 0.17% climb.

Kwara recorded the slowest rise in inflation at 0.62%, and Ondo recorded 0.91% every month.

The NBS report said that Sokoto emerged as the most expensive state to buy in July at 46.26%, Jigawa at 46.05%, and Enugu at 44.06%, while Adamawa recorded 33.48%, Bauchi at 35.10%, and Benue recorded the slowest rise in food inflation.

Every month, July food inflation was highest in Borno at 5.07%, Sokoto at 4.99%, and Enugu at 4.17%, while Kwara recorded a 0.51% inflation rate.

Taraba recorded the slowest rise in food inflation at 0.56% and Ondo at 0.68%.