Nigeria’s headline inflation rate decreased to 32.15% in August 2024, according to the National Bureau of Statistics (NBS), marking a second consecutive monthly slowdown.
This is a slight drop from the 33.4% recorded in July 2024.
The NBS Consumer Price Index report highlighted a slower rise in the average price level, with month-on-month inflation at 2.22%, down from 2.28% in July.
However, year-on-year, inflation was 6.35% higher than the 25.8% recorded in August 2023.
Food inflation for August 2024 stood at 37.52%, adding pressure to consumers already facing high prices despite a slowdown in overall inflation growth.
Get instant and latest news updates via Our WhatsApp Community or Google News online channel.
