“Good News: Nigeria’s Inflation Rate Eases to 33.2%”

Babatunji Wusu-

Nigeria’s headline inflation rate dipped to 33.2% in August 2024, showing a modest decline of 1.25 percentage points from July’s 33.4%, according to the latest data. This marks the second consecutive month of falling inflation rates, following a decrease in the previous month, as reported.

The National Bureau of Statistics (NBS) Consumer Price Index report, released today, reveals a slowing in the pace of price increases compared to the previous month. The report states, “In August 2024, the headline inflation rate eased further to 32.15%, down from 33.40% in July 2024.”

Year-on-year, August 2024’s inflation rate was 6.35 percentage points higher than the 25.80% recorded in August 2023, indicating a significant rise over the past year.

Month-on-month, the inflation rate for August 2024 was 2.22%, showing a slight improvement from July’s rate of 2.28%. This suggests a gradual slowdown in the growth of the average price level.

Food inflation reached a notable 37.52% in August 2024, while the month-on-month headline inflation held steady at 2.22%, as highlighted in the NBS report.