Nigeria’s headline inflation rate dropped to 32.15% in August 2024, according to the latest data from the National Bureau of Statistics (NBS).
This marks a 1.25 percentage point decrease from the 33.4% recorded in July 2024 and represents the second consecutive month of easing inflation.
In its Consumer Price Index report, posted on Monday, the NBS highlighted a slower rise in the average price level compared to the previous month.
The report stated, “In August 2024, the headline inflation rate further eased to 32.15% relative to the July 2024 headline inflation rate of 33.40%.”
Year-on-year, the August 2024 inflation rate was 6.35 percentage points higher than the 25.80% recorded in August 2023, signaling a significant increase over the past year. Month-on-month, inflation in August 2024 stood at 2.22%, slightly down from July’s 2.28%, reflecting a slower rise in prices.
Food inflation for August 2024 was recorded at 37.52% year-on-year, a sharp 8.18 percentage point rise from 29.34% in August 2023. On a monthly basis, food inflation was 2.37%, a slight dip from the 2.47% seen in July 2024.
The average annual food inflation rate over the twelve months ending in August 2024 stood at 36.99%, an 11.98 percentage point increase from the previous year.
Core inflation, which excludes volatile agricultural products and energy prices, reached 27.58% year-on-year in August 2024, up 6.43 percentage points from 21.15% in August 2023. Month-on-month, core inflation rose slightly to 2.27%, compared to 2.16% in July 2024.
The average annual core inflation rate for the year ending August 2024 was 25.18%, a 6 percentage point increase from August 2023.
In urban areas, inflation reached 34.58% year-on-year in August 2024, up 6.89 percentage points from 27.69% in August 2023. Month-on-month, urban inflation stood at 2.39%, down slightly from 2.46% in July 2024.
Meanwhile, rural inflation was 29.95% year-on-year, a 5.85 percentage point rise from 24.10% in August 2023. Month-on-month, rural inflation slightly decreased to 2.06%, down from 2.10% in July 2024.
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