Nigeria's headline inflation rate fell to 32.15% in August 2024, according to the latest data from the National Bureau of Statistics (NBS). This marks a decrease of 1.25 percentage points from the 33.4% recorded in July 2024, representing the second consecutive monthly decline in inflation.
In a report released on Monday, the NBS noted, "The August 2024 headline inflation rate showed a decrease of 1.25 percentage points compared to the July 2024 rate of 33.40%." However, on a year-on-year basis, the inflation rate was 6.35 percentage points higher than the 25.80% recorded in August 2023.
"This indicates that the headline inflation rate on a year-on-year basis increased in August 2024 compared to the same month last year," the report continued. Additionally, the month-on-month inflation rate for August 2024 was 2.22%, which is 0.06% lower than the 2.28% recorded in July 2024. This suggests that the rate of price increases in August was slightly lower than in the previous month.
The food inflation rate for August 2024 stood at 37.52% on a year-on-year basis, reflecting an increase of 8.18 percentage points compared to the 29.34% recorded in August 2023.