Nigeria’s headline inflation rate eased to 32.15% in August 2024, marking a 1.25% decrease from the 33.4% recorded in July, according to the latest figures released by the National Bureau of Statistics (NBS). This marks the second consecutive monthly slowdown in inflation.
The NBS report, released on Monday, stated: “The August 2024 headline inflation rate showed a decrease of 1.25 percentage points when compared to the July 2024 headline inflation rate (33.40%).”
However, the report also highlighted that on a year-on-year basis, inflation was 6.35 percentage points higher than the 25.80% recorded in August 2023. “This shows that the headline inflation rate (year-on-year basis) increased in August 2024 compared to the same month in the preceding year (August 2023),” the report added.
On a month-on-month basis, the inflation rate in August 2024 was 2.22%, a slight decrease from the 2.28% recorded in July. “This means that in August 2024, the rate of increase in the average price level was lower than that of July 2024,” the NBS stated.
Food inflation continued to be a concern, with the rate standing at 37.52% year-on-year in August 2024, up by 8.18 percentage points from the 29.34% recorded in August 2023.
