Nigeria’s inflation rate drops to 32.15%

Farmer, Food prices, Nigeria’s inflation rate

The National Bureau of Statistics (NBS) has announced that Nigeria’s inflation rate decreased to 32.15 per cent in August 2024.

The NBS announced that Nigeria’s inflation rate dropped from 33.40 per cent recorded in July 2024 to 32.15 per cent in August.

The bureau announced via its Consumer Price Index (CPI) report for August 2024 released on Monday, September 16, 2024.

The latest development showed that Nigeria’s inflation rate decelerated for two consecutive months.

The Star recalls that the NBS announced that the headline inflation rate decreased to 33.40 per cent in July 2024.

The headline inflation rate reduced from 34.19 per cent recorded in June 2024.

The NBS, however, noted that Nigeria’s inflation rate further eased to 32.15 per cent in August 2024, adding that the food inflation stood at 37.52 per cent in the same month.

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The bureau said Nigeria’s inflation rate in August showed a decrease of 1.25 per cent points when compared to the July 2024 headline inflation rate.

It stated: “However, on a year-on-year basis, the headline inflation rate was 6.35 per cent points higher compared to the rate recorded in August 2023 (25.80 per cent).

“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 per cent, which was 0.06 per cent lower than the rate recorded in August 2024 (2.28 per cent).

“This means that in August 2024, the rate of increase in the average price level is lower than the rate of increase in the average price level in July 2024.”

The Star