In August 2024, the headline inflation rate in Nigeria decreased to 33.15%, indicating a 1.25 percentage point decline from the 33.4% recorded in July.
This decrease indicates a positive trend in the nation’s economic performance as it is the second consecutive month that inflation has decreased.
The National Bureau of Statistics (NBS) claims that the decline in inflation is a result of a slower rate of increase in average price levels when compared to the prior month.
“In August 2024, the headline inflation rate further eased to 32.15 per cent relative to the July 2024 headline inflation rate of 33.40 per cent,” the NBS reported in its Consumer Price Index (CPI). Eyes Of Lagos reports,
The inflation rate for August 2024 was 6.35 percentage points more than the 25.80% reported in August 2023, despite the month-over-month improvement. This suggests that the inflation rate has significantly increased over the previous year.
In August, the month-over-month inflation rate was 2.22%, indicating a moderating rate of price increases from 2.28% in July.
Furthermore, food inflation hit 37.52% in the same time frame, underscoring the ongoing pressure on food costs.
“Month-over-month headline inflation was 2.22%, while food inflation in August 2024 stood at 37.52%,” the NBS stressed.
