Nigeria’s statistics office said inflation rate dropped further down to 32.15 percent in August 2024 from 33.40 percent in July.
This significant decline of 1.25 percent was reported in August which witnessed lingering spike in petrol price amidst scarcity that drove increases in prices of goods and services since July.
In its inflation report released today, the National Bureau of Statistics (NBS) however stressed that Month-on-Month headline inflation was 2.22 percent while food inflation or increases in prices of food stood at 37.52 percent in August 2024.
This implies that the rate of increases in prices slowed down by 1.25 percent in August, as against the preceding month of July when the rate printed at 33.40 percent.
“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, the NBS stated.
It added “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).
“Furthermore, on a month-on-month basis, the headline inflation rate in August 2024 was 2.22%, which was 0.06% lower than the rate recorded in August 2024 (2.28%).
“This means that in August 2024, the rate of increase in the average price level is lower than the rate of increase in the average price level in July 2024,” the statistics office stated in its report released this afternoon.
