In August 2024, Nigeria’s inflation rate decreased to 32.15% from 33.40% in the preceding month, as to the most recent Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS).
This 1.25 percentage point drop in inflation marks the second consecutive month of lowering inflation, indicating a slow but steady alleviation of the nation’s ongoing inflationary pressures.
“In August 2024, the headline inflation rate further eased to 32.15% relative to the July 2024 headline inflation rate of 33.40%,” stated a post on the NBS social media platform X, formerly Twitter. Headline inflation from month to month was 2.22%. August 2024 saw 37.52% food inflation.
Even with the month-over-month improvement, the year numbers indicate a sharp rise. The inflation rate for August 2024 is 6.35 percentage points more than the rate for August 2023, which was 25.80%. This indicates that prices have increased significantly over the previous year.
The monthly inflation rate for August 2024 was 2.22%, which was marginally lower than the 2.28% recorded in July 2024 and suggested a slower rate of price increases. The marginal decline indicates that although there are still inflationary pressures, the rate of price increases is starting to slow down.