Nigeria’s inflation continues to ease in August

Nigeria’s headline inflation rate eased slightly in August 2024, decelerating from 33.40 per cent in July to 32.15 per cent, according to data released by the National Bureau of Statistics (NBS) on Monday. This represents a month-over-month decrease of 1.25 percentage points.

However, on a year-on-year basis, the headline inflation remains elevated, rising from 25.80 per cent in August 2023 to 32.15 per cent in August 2024.

The consumer price index inflation (CPI) for the 12 months period ending in August 2024 was 31.26 per cent compared to 22.38 per cent recorded in August 2023.

Urban inflation rate also rose to 34.58 per cent on a year-on-year basis in August 2024 compared to 27.69 per cent in August 2023.

On a month-on-month basis, the urban inflation rate stood at 2.39 per cent in August 2024, down from 2.46 per cent in July 2024.

Attribution: The National Bureau of Statistics