Nigeria’s inflation rate dropped to 32.15% in August 2024, marking a 1.25 percentage point decrease from the 33.4% recorded in July, according to the latest report from the National Bureau of Statistics (NBS). This is the second consecutive month of declining inflation, signaling a gradual easing in price increases across the country.
The NBS, in its Consumer Price Index (CPI) report released on Monday, highlighted that while inflation remains high, the pace at which prices are rising has slowed compared to previous months. The report noted, “In August 2024, the headline inflation rate further eased to 32.15 per cent relative to the July 2024 headline inflation rate of 33.40 per cent.”
Despite this reduction, the year-on-year inflation rate for August 2024 was 6.35 percentage points higher than the 25.80% recorded in August 2023, illustrating a significant increase in the cost of living over the past year.
On a month-to-month basis, inflation stood at 2.22% in August, slightly down from the 2.28% recorded in July. Food inflation, a critical indicator for most Nigerians, was recorded at 37.52% in August, reflecting the ongoing challenges in food pricing, despite the overall easing of inflationary pressures.
This decline comes as a surprise to many Nigerians who had anticipated a rise in inflation following recent increases in petrol prices, a key cost driver for various commodities in the country.
While this drop in inflation offers some relief, the country continues to grapple with the broader effects of rising costs in key sectors, particularly food and energy. Analysts will be watching closely to see if this trend continues in the coming months.
More updates are expected as the full economic impact of these changes unfolds.
