Nigeria’s Inflation Rate Drops to 33.2% in August, Marking Second Consecutive Decline

Nigeria’s headline inflation rate fell to 33.2 percent in August 2024, reflecting a decrease of 1.25 percentage points from the 33.4 percent recorded in July 2024.

This marks the second consecutive month of declining inflation, according to the National Bureau of Statistics (NBS) Consumer Price Index report released on Monday.

The report noted a slowdown in the rise of average prices compared to the previous month, stating:
“In August 2024, the headline inflation rate further eased to 32.15 percent relative to the July 2024 rate of 33.40 percent.”

However, when compared to August 2023, the inflation rate for August 2024 was 6.35 percentage points higher, as the rate stood at 25.80 percent in the same month last year, indicating a significant increase year-on-year.

Month-on-month, the inflation rate for August 2024 was recorded at 2.22 percent, a slight reduction from July’s 2.28 percent, signaling a slowing pace in price increases.

Additionally, food inflation was recorded at 37.52 percent in August 2024, with the month-on-month headline inflation also standing at 2.22 percent.

The NBS report highlighted:
“Month-on-month headline inflation was 2.22%. Food inflation was 37.52% in August 2024.”