Nigeria’s headline inflation rate has fallen to 32.15 percent in August 2024, marking a decrease from the 33.40 percent recorded in July, Okay.ng reports.
This development signifies the second consecutive month of declining inflation rates, indicating a deceleration in the rise of average price levels across the country. The latest figures were disclosed in a Consumer Price Index (CPI) report published by the National Bureau of Statistics (NBS) on Monday.
“In August 2024, the headline inflation rate further eased to 32.15 percent relative to the July 2024 headline inflation rate of 33.40 percent,” the report stated.
When compared to the same month in the previous year, the inflation rate increased by 6.35 percentage points from 25.80 percent in August 2023, reflecting a notable rise over the past year.
On a month-on-month basis, the inflation rate for August 2024 stood at 2.22 percent, slightly down from 2.28 percent in July. This decrease indicates a slowdown in the growth of the average price level compared to the preceding month.
The report also highlighted a significant rise in food inflation, which reached 37.52 percent in August 2024. Despite this, the month-on-month headline inflation remained steady at 2.22 percent.
“Month-on-month headline inflation was 2.22%. Food inflation was 37.52% in August 2024,” the NBS noted.
