Nigeria’s headline inflation declines to 32.15% in August
Nigeria’s headline inflation has eased for the second time in a row, declining to 32.15 percent in August 2024, the National Bureau of Statistics (NBS) announced today. This compares to 33.40 percent in July 2024 indicating that this is the second consecutive month inflation will be easing in Africa’s most populous nation.
“In August 2024, the headline inflation rate further eased to 32.15% relative to the July 2024 headline inflation rate of 33.40%. Looking at the movement, the August 2024 headline inflation rate showed a decrease of 1.25% points when compared to the July 2024 headline inflation rate.
“However, on a year-on-year basis, the headline inflation rate was 6.35% points higher compared to the rate recorded in August 2023 (25.80%). 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),” NBS stated.
Food inflation fell to 37.52 percent in August 2024 as against 39.53 percent in July of this year.
In the past months the Central Bank of Nigeria Monetary Policy Committee meeting had continued to raise the interest rate. The latest was in July when the rate to 26.75 percent.
Meanwhile, Nigerians have continued to lament the increase in the prices of goods and services.
