Nigeria’s inflation rate eased to 32.15% in August 2024, marking the second consecutive month of decline, according to the National Bureau of Statistics (NBS).
The rate had previously fallen from 34.19% in June to 33.40% in July.
In its latest Consumer Price Index report, the NBS noted that food inflation for August stood at 37.52%.
The headline inflation rate was 1.25% lower compared to July 2024 but remained 6.35% higher than August 2023’s rate of 25.80%.
The NBS attributed the year-on-year rise in food inflation to price increases in items like bread, maize, yam, and vegetable oil.
However, on a month-on-month basis, food inflation decreased slightly to 2.37%, down from 2.47% in July.
Sokoto, Gombe, and Yobe recorded the highest food inflation rates year-on-year, while Benue, Rivers, and Bayelsa saw the slowest increases.
On a month-to-month basis, Adamawa, Kebbi, and Borno had the highest increases, while Ogun, Akwa-Ibom, and Sokoto experienced the smallest rises.
Micheal has over 5 years experience in digital journalism. He’s a New Media Expert with an interest in Human Development and Global Politics.
