Inflation falls to 32.15% in August 2024 – NBS
Nigeria’s headline inflation rate eased to 32.15% in August 2024, according to the latest National Bureau of Statistics (NBS) data.
This marks a 1.25 percentage point decrease from the 33.4% recorded in July 2024, indicating a second consecutive month of slowing inflation.
The Consumer Price Index report, released by the NBS on Monday, highlights a deceleration in the rise of average price levels compared to the previous month.
The report notes, “In August 2024, the headline inflation rate further declined to 32.15% from the 33.40% recorded in July 2024.”
On a year-on-year basis, the August 2024 inflation rate was 6.35 percentage points higher than the 25.80% rate recorded in August 2023, indicating a significant increase over the past year.
On a month-on-month basis, the inflation rate for August 2024 was 2.22%, a slight decrease from July’s 2.28%. This indicates a slower pace of price level increases compared to the previous month.
Additionally, the report noted that food inflation reached 37.52% in August 2024, while the month-on-month headline inflation remained at 2.22%.
“Month-on-month headline inflation was 2.22%, while food inflation reached 37.52% in August 2024,” the report stated.
Nigerians had anticipated a rise in inflation due to the recent increase in petrol prices, a crucial factor influencing the cost of many commodities in the country.
Proofreading by Uchechi Ojo, Sub-editor at Neptune Prime.
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