Nigeria’s Inflation drops to 33.2% in August 2024, says NBS

Nigeria’s headline inflation rate dropped to 33.2 per cent for the month of August 2024, according to the latest data from the National Bureau of Statistics.

This represents a 1.25% percentage point decrease from the 33.4 per cent recorded in July 2024 and the second consecutive monthly slowdown in inflation after easing in the previous month.

The NBS, in its Consumer Price Index report posted on its website on Monday, signals a slower pace in the increase of the average price level compared 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.”

On a year-on-year basis, the August 2024 inflation rate was 6.35 percentage points higher than the 25.80 per cent rate recorded in August 2023, indicating a significant increase over the past year.

On a month-on-month basis, the inflation rate in August 2024 stood at 2.22 per cent, slightly lower than July’s rate of 2.28 per cent, signalling a slower pace in the increase of the average price level compared to the previous month.

It added that Food inflation was 37.52 per cent in August 2024, while Month-on-Month headline inflation was 2.22 per cent.

“Month-on-month headline inflation was 2.22%. Food inflation was 37.52% in August 2024,” it said.

Nigerians had expected a hike in the inflation rate given the recent increase in petrol price, a key pricing component for most commodities in the country.