Nigeria’s headline inflation rate fell to 33.2% in August 2024, marking a decrease of 1.25% points from the 33.4% observed in July 2024.
The development indicates a second consecutive month of declining inflation rates following a reduction in the prior month.
A National Bureau of Statistics (NBS) Consumer Price Index report published on Monday (today) indicates a deceleration in the rise of the average price level relative to the previous month.
The report read, “In August 2024, the headline inflation rate further eased to 32.15% relative to the July 2024 headline inflation rate of 33.40%.”
The inflation rate for August 2024, when compared to the same month in the previous year, was 6.35% points higher than the 25.80% recorded in August 2023, reflecting a notable rise over the past year.
Regarding month-on-month changes, the inflation rate for August 2024 was recorded at 2.22%, which is a slight decrease from July’s rate of 2.28%, indicating a deceleration in the growth of the average price level relative to the preceding month.
Additionally, it was reported 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%. Food inflation was 37.52% in August 2024,” the NBS publication noted.