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According to reports, Nigeria’s headline inflation rate eased to 32.15% in August 2024, down from 33.40% in July, marking a decrease of 1.25 percentage points.
The Consumer Price Index (CPI) report from the National Bureau of Statistics (NBS) indicates that this is the second consecutive month of slowing inflation following a reduction the previous month.
However, on a year-on-year basis, the August 2024 inflation rate was 6.35 percentage points higher than the 25.80% recorded in August 2023, reflecting a significant increase over the past year.
Month-on-month, the inflation rate in August was 2.22%, slightly lower than July’s 2.28%, suggesting a slower rise in average prices compared to the previous month.
More details later.
