The National Bureau of Statistics (NBS) has announced a decrease in Nigeria’s inflation rate, which fell to 32.15% in August 2024, down from 33.40% in July.
The reduction marks a 1.25 percentage point decline, reflecting a slight easing in the rate of price increases.
According to the NBS report titled “CPI August 2024,” the headline inflation rate showed a decrease on a month-on-month basis, dropping to 2.22% in August from 2.28% in July. This indicates that the rate of increase in the average price level slowed compared to the previous month.
Despite the month-on-month decline, the year-on-year comparison reveals a different picture. The August 2024 headline inflation rate is 6.35 percentage points higher than the 25.80% recorded in August 2023. On a twelve-month average basis, the Consumer Price Index (CPI) increased by 31.26%, marking an 8.88 percentage point rise from the previous year.
Urban areas experienced a year-on-year inflation rate of 34.58% in August, up from 27.69% in August 2023. Month-on-month, urban inflation was slightly lower at 2.39%, compared to 2.46% in July. The rural inflation rate for August 2024 stood at 29.95%, a rise from 24.10% in the previous year, while month-on-month rural inflation decreased marginally to 2.06% from 2.10% in July.
