Nigeria’s inflation rate for August 2024 has dropped to 33.2%, according to the latest figures released by the National Bureau of Statistics (NBS).
Entrepreneurng reports that this marks a 1.25% decrease from the 33.4% recorded in July 2024 and continues a two-month trend of easing inflation.
The NBS published its Consumer Price Index (CPI) report on Monday, which highlights a slower rise in average prices compared to the previous month.
The report read, “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.”
However, on a year-on-year basis, August 2024’s inflation rate remains significantly higher, up by 6.35 percentage points from the 25.8% recorded in August 2023. This indicates a substantial rise in inflation over the past year.
On a month-to-month comparison, inflation for August 2024 was 2.22%, a slight dip from July’s 2.28%, showing a reduced increase in the average price level. Food inflation was reported at 37.52% for the same month.
Many Nigerians had anticipated a spike in inflation due to the recent hike in petrol prices, a key factor influencing the cost of goods and services across the country.
