Nigeria’s inflation rate eased to 32.15% in August 2024, down from 33.40% in the previous month, according to the latest Consumer Price Index (CPI) report by the National Bureau of Statistics (NBS).
This decrease of 1.25 percentage points represents the second consecutive month of declining inflation, a sign of gradual relief from the country’s persistent inflationary pressures.
A post on the NBS’ social media platform X, formerly Twitter, read, “In August 2024, the headline inflation rate further eased to 32.15% relative to the July 2024 headline inflation rate of 33.40%. Month-on-Month headline inflation was 2.22%. Food inflation was 37.52% in August 2024.”
Despite the month-on-month improvement, the year-on-year figures show a stark increase. The August 2024 inflation rate is 6.35 percentage points higher than the 25.80% recorded in August 2023, underscoring a significant rise in price levels over the past year.
On a monthly basis, the inflation rate for August 2024 was 2.22%, slightly down from the 2.28% recorded in July 2024, indicating a slower pace of price increases compared to the previous month. The marginal decrease suggests that while inflationary pressures remain, the rate of price increases is beginning to ease.
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