The National Bureau of Statistics (NBS) has reported that Nigeria’s inflation rate has dropped to 33.2 percent, according to its latest data.
This information was revealed in the Consumer Price Index report published on the NBS website on Monday.
The decline indicates a slower rise in the average price level compared to the previous month.
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The current figure reflects a 1.25 percentage point decrease from the 33.4 percent recorded in July 2024, marking the second consecutive monthly slowdown in inflation.
The report stated, “In August 2024, the headline inflation rate eased to 32.15 percent compared to July’s rate of 33.40 percent.”
On a month-to-month basis, August 2024 inflation stood at 2.22 percent, slightly lower than July’s 2.28 percent, further indicating a slower price increase.
Additionally, food inflation in August 2024 was reported at 37.52 percent, while the month-on-month headline inflation remained at 2.22 percent.
“Month-on-month headline inflation was 2.22%. Food inflation was 37.52% in August 2024,” it said.
