Nigeria’s headline inflation rate eased to 32.15 percent in August 2024, marking a notable 1.25 percentage point decline from the 33.40 percent reported in July, according to the latest Consumer Price Index report by the National Bureau of Statistics.
According to The PUNCH, the NBS shared the data in a report published on its website on Monday, shedding light on the changing inflation dynamics.
This is the second consecutive month that inflation has slowed down, indicating a deceleration in the rise of average prices compared to the previous months.
The report stated, “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.”
Year-on-year, the inflation rate showed a considerable rise, standing at 6.35 percentage points higher than the 25.80 percent recorded in August 2023, signaling a significant increase in the cost of living over the past year.
Month-on-month, the inflation rate in August 2024 was pegged at 2.22 percent, slightly below the 2.28 percent seen in July. This minor dip highlights a slower rise in prices from one month to the next.
Food inflation remained elevated, coming in at 37.52 percent in August 2024, as food prices continue to be a primary driver of inflation in Nigeria.
The NBS reiterated the month-on-month headline inflation figure, stating, “Month-on-month headline inflation was 2.22%. Food inflation was 37.52% in August 2024.”
Despite the easing inflation figures, many Nigerians had anticipated a spike in inflation due to the recent hike in petrol prices, a factor that has historically pushed up the cost of goods and services across the country.
However, the data suggests a more tempered impact than initially expected, as the inflation rate appears to be gradually stabilizing after months of intense upward pressure.
