Nigeria’s Inflation Rate Drops To 32.15% In August, Reports NBS

Nigeria’s Inflation Rate Drops To 32.15% In August, Reports NBS

Nigeria’s inflation rate has decelerated for two consecutive months, from 34.19% in June to 33.40% in July, and now 32.15% in August, the National Bureau of Statistics (NBS) said Monday.

According to the Consumer Price Index report released by the Bureau, the headline inflation rate eased to 32.15% in August 2024, while food inflation stood at 37.52% in the same month.

“Looking at the movement, the August 2024 headline inflation rate showed a decrease of 1.25% points when compared to the July 2024 headline inflation rate,” the NBS stated.

“However, on a year-on-year basis, the headline inflation rate was 6.35% points higher compared to the rate recorded in August 2023 (25.80%).

“This shows that the headline inflation rate (year on-year basis) increased in August 2024 when compared to the same month in the preceding year (i.e., August 2023).

“Furthermore, on a month-on-month basis, the headline inflation rate in August 2024 was 2.22%, which was 0.06% lower than the rate recorded in August 2024 (2.28%). This means that in August 2024, the rate of increase in the average price level is lower than the rate of increase in the average price level in July 2024.