The National Bureau of Statistics on Monday, announced that the Nigeria’s inflation rate has dropped from 34.19% in June to 33.40% in July, and now 32.15% in August 2024.
The report is coming, amid economic hardship facing the country, due to daily increase of fuel price in the country.
INFORMATION NIGERIA reports that many Nigerians have been lamenting over President Bola Ahmed Tinubu’s economic polices, especially the subsidy removal on fuel.
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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 reads: “Looking at the movement, the August 2024 headline inflation rate showed a decrease of 1.25% points when compared to the July 2024 headline inflation rate,” the NBS stated.
“However, on a year-on-year basis, the headline inflation rate was 6.35% points higher compared to the rate recorded in August 2023 (25.80%).
“On a month-on-month basis, the headline inflation rate in August 2024 was 2.22%, which was 0.06% lower than the rate recorded in August 2024 (2.28%).
READ MORE: Nigeria’s Inflation Rate Drops By 0.79% In July — NBS
“This means that in August 2024, the rate of increase in the average price level is lower than the rate of increase in the average price level in July 2024.”
The NBS said food inflation rate in August 2024 was 37.52% on a year-on-year basis, which was 8.18% points higher compared to the rate recorded in August 2023 (29.34%).
The reports reads: “The fall can be attributed to the decline in the rate of increase in the average prices of Tobacco, Tea, Coco, Coffee, Groundnut Oil, Milk, Yam, Irish Potatoes, Water Yam, Cassava Tuber, Palm Oil, Vegetable etc,”
