Nigeria's Inflation Rate Declines to 33.15% According to National Bureau of Statistics

Monday, 16 September 2024, 08:17

National Bureau of Statistics indicates that Nigeria's inflation rate has fallen to 33.15% in August 2024, decreasing from 33.40% in July. This continuation of easing inflation reflects a positive shift in the economic landscape, despite a yearly increase from the previous August. The latest data shows month-on-month inflation at 2.22%.
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Nigeria's Inflation Rate Declines to 33.15% According to National Bureau of Statistics

Nigeria's inflation rate has recorded a notable dip, falling to 33.15% in August 2024, down from 33.40% in July, as reported by the National Bureau of Statistics (NBS). This marks a continued reduction in inflation for the second consecutive month, indicating a potential positive shift in the Nigerian economy.

The NBS noted that the average price levels are rising at a slower pace than previous months. According to their report in the Consumer Price Index (CPI), the headline inflation for August saw a reduction of 1.25 percentage points compared to July.

Yearly Inflation Context

Nevertheless, despite this month-on-month improvement, the current inflation rate stands 6.35 percentage points higher than the 25.80% recorded in August 2023. This highlights a significant inflation increase over the past year.

Monthly Inflation Dynamics

For August, the month-on-month inflation rate was measured at 2.22%, a slight decrease from the 2.28%% recorded in July, representing a moderation in price increases.

  • Food inflation remained elevated, reaching 37.52% during this period.
  • The NBS emphasizes that month-on-month headline inflation is at 2.22%, while food inflation is noted at 37.52%%

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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