Nigeria’s inflation drops to 32.15% in August- NBS
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The National Bureau of statistics Consumer Price Index report says Nigeria’s Inflation rate has slowed to 32.15% in August
According to NBS, the headline inflation rate slowed down to 32.15% in August 2024, while food inflation stood at 37.52% in the same month.
”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). 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%)”
The report say 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
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