Inflation dropped to 32.15% in August 2024 — NBS

Nigeria’s headline inflation rate eased to 32.15% in August 2024, according to the latest figures from the National Bureau of Statistics.

This represents a 1.25% percentage point decrease from the 33.4 per cent recorded in July 2024 and the second consecutive monthly slowdown in inflation after easing in the previous month.

The NBS in a report released on Monday said: “Looking at the movement, the August 2024 headline inflation rate showed a decrease of 1.25% points when compared to the July 2024 headline inflation rate (33.40).”

It however said on a year-on-year basis, the headline inflation rate was 6.35 percent points higher compared to the rate recorded in August 2023 (25.80%).

“This shows that the headline inflation rate (year-on-year basis) increased in August 2024 when compared to the same month in the preceding year (i.e., August 2023).

Furthermore, on a month-on-month basis, the headline inflation rate in August 2024 was 2.22%, which was 0.06% lower than the rate recorded in August 2024 (2.28%). This means that in August 2024, the rate of increase in the average price level was lower than the rate of increase in the average price level in July 2024.

Food inflation rate in August 2024 was 37.52 percent on a year-on-year basis, which was 8.18% points higher compared to the rate recorded in August 2023 (29.34%),” it added.

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