Inflation Drops to 21.88%

The National Bureau of Statistics (NBS) reported a drop in inflation to 21.88% in July, down from the previous month. The Consumer Price Index (CPI) showed a growth rate in the prices of goods and services, easing by a percentage point.

The headline inflation rate for July 2024 was 21.88%, a decrease from the previous month. The NBS clarified that the drop in annual food inflation to 21.88% was technically due to a change in the base year.

Food inflation dropped by 0.37% year-on-year in July compared to the previous month. The CPI figures for July were released by the statistical agency, showing a higher inflation rate compared to the same period last year.