Nigeria’s headline inflation rate fell to 33.2 percent in August 2024, marking a decrease of 1.25 percentage points from the 33.4 percent observed in July 2024.
This development indicates a second consecutive month of declining inflation rates following a reduction in the prior month, Naijaonpoint understands.
A National Bureau of Statistics (NBS) Consumer Price Index report published on Monday (today) indicates a deceleration in the rise of the average price level relative 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.”
The inflation rate for August 2024, when compared to the same month in the previous year, was 6.35 percentage points higher than the 25.80 percent recorded in August 2023, reflecting a notable rise over the past year.
Regarding month-on-month changes, the inflation rate for August 2024 was recorded at 2.22 percent, which is a slight decrease from July’s rate of 2.28 percent, indicating a deceleration in the growth of the average price level relative to the preceding month.
Additionally, it was reported that food inflation reached 37.52 percent in August 2024, while the month-on-month headline inflation remained at 2.22 percent.
“Month-on-month headline inflation was 2.22%. Food inflation was 37.52% in August 2024,” the NBS publication noted.