Nigeria’s Inflation Rate Falls to 33.15%

The headline inflation rate in Nigeria dropped to 33.15% in August 2024, showing a reduction of 1.25 percentage points from the 33.4% recorded in July.

This decline marks the second consecutive month of easing inflation, signaling a positive trend in the country’s economic performance.

According to the National Bureau of Statistics (NBS), the decrease in inflation reflects a slowdown in the rise of average price levels compared to the previous month.

In its Consumer Price Index (CPI) report, the NBS stated, “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.”

However, despite the month-on-month improvement, the inflation rate for August 2024 was still 6.35 percentage points higher than the 25.80% recorded in August 2023, indicating a significant increase in the inflation rate over the past year.

Month-on-month, the inflation rate in August was 2.22%, slightly down from 2.28% in July, signaling a moderation in the pace at which prices are rising.

Additionally, food inflation reached 37.52% during the same period, highlighting the continued pressure on food prices.

The NBS emphasized, “Month-on-month headline inflation was 2.22%, while food inflation in August 2024 stood at 37.52%.”