This is the first decline in the headline inflation rate since December 2022, when it last dropped to 21.34%.

In its latest Consumer Price Index report released today, the National Bureau of Statistics said on a year-on-year basis, the rate was 9.32 percentage points higher than in July 2023, when it stood at 24.08%. 

Additionally, on a month-on-month basis, the headline inflation rate in July 2024 was 2.28%, slightly lower than the 2.31% recorded in June 2024. 

Food and non-alcoholic beverages contributed 17.30% to the year-on-year inflation followed by housing, water, electricity, gas & other fuel at 5.59% and others.

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