The United States has recorded a 2.9% increase in all-items inflation for July 2024, according to the US Bureau of Labour Statistics.
The Consumer Price Index for All Urban Consumers rose by 0.2% on a seasonally adjusted basis, with shelter inflation accounting for nearly 90% of the monthly increase. Food inflation also rose by 0.2% in July, with the food away from home index increasing by 0.2% and the food at home index rising by 0.1%.
The energy index remained flat in July, after declining in the previous two months.
As the US inflation data is released, Nigeria is expected to announce its own inflation data on Thursday. Nigeria’s inflation has been soaring since December 2022, with June’s core and food inflation standing at 34.19% and 40.87% respectively.
The contrast between the US and Nigeria’s inflation trends is striking, with the US recording a relatively modest increase, while Nigeria grapples with soaring inflation rates.
