Nigeria’s inflation rate drops to 32.15% in August- NBS

Abdullateef Fowewe

Nigeria’s inflation rate dropped from 33.40 % in July 2024 to 32.15% in August 2024, latest Consumer Price Index (CPI) repost from the National Bureau of Statistic (NBS) has revealed.

This will mark the second decrease in the inflation rate headline since December 2022, when it last dropped to 21.34%, according to August CPI report by NBS.

NBS in a circular Dailyeconomy obtained from its website on Monday stated that the inflation rate declined by 1.25% points when compared to the July 2024 headline inflation rate.

Meanwhile, 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%), indicating that the headline inflation rate year-on-year basis increased in August 2024 when compared to the same month in 2023.

The circular stressed, “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.”

Meanwhile, on August 15, Dailyeconomy reported that the Nigeria inflation rate decreased to 33.40% in July 2024, down from 34.19% in June 2024.