Nigeria’s Inflation Rate Drops To 32.15% In August 2024

Nigeria’s headline inflation rate fell to 32.15% in August 2024, marking the second consecutive month of decline, according to the latest report from the National Bureau of Statistics (NBS).

The new figure represents a 1.25% decrease from the 33.40% recorded in July 2024, signaling a slowdown in the pace of rising prices.

The NBS, in its Consumer Price Index (CPI) report released on Monday, highlighted that despite the ongoing increase in fuel prices, the inflation rate continues to ease.

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On a month-on-month basis, inflation stood at 2.22% in August, down slightly from 2.28% in July, reflecting a deceleration in the price level of goods and services.

Food inflation, however, remained a key concern, rising to 37.52% in August 2024. This continues to strain household budgets across the country, despite the overall decline in headline inflation.

On a year-on-year basis, the inflation rate in August 2024 was 6.35 percentage points higher than the 25.80% recorded in August 2023, highlighting the significant inflationary pressure Nigerians have faced over the past year.

Many Nigerians had anticipated a rise in inflation, particularly following the recent petrol price hikes, which typically impact the cost of goods and services. However, the report indicates that inflationary pressures have somewhat moderated, providing a temporary reprieve for consumers and businesses.