Nigeria’s inflation rate has continued to ease, dropping to 32.15% in August 2024 from 33.40% in July and 34.19% in June, according to the National Bureau of Statistics (NBS). The Consumer Price Index report released on Monday shows a headline inflation rate of 32.15% for August, while food inflation rose to 37.52%.
The NBS noted a 1.25 percentage point decrease in the headline inflation rate from July to August. Despite this decline, the August 2024 rate is 6.35 percentage points higher than the 25.80% recorded in August 2023.
Month-on-month, inflation eased to 2.22% in August, a slight decrease from July’s 2.28%. This suggests a slower rate of price increase compared to the previous month.
Food inflation for August 2024 was 37.52% year-on-year, an increase of 8.18 percentage points from August 2023. On a month-to-month basis, food inflation was 2.37%, down from 2.47% in July.
The NBS attributed the decrease in food inflation to slower price increases for items such as bread, maize, and oil. Regional variations were noted, with Sokoto, Gombe, and Yobe experiencing the highest year-on-year food inflation rates, while Ogun, Akwa-Ibom, and Sokoto recorded the lowest month-on-month food inflation rates.
