Nigeria’s headline inflation rate has shown a decline for the second consecutive month, dropping to 32.15% in August 2024 from 33.40% in July 2024.
It was indicated by the Consumer Price Index (CPI) report published by the National Bureau of Statistics (NBS), reflecting a 1.25 percentage point decrease.
Despite this deceleration in the inflation rate, it still surpasses the figures from the corresponding period last year.
In August 2023, the inflation rate stood at 25.80%, signifying a notable 6.35 percentage point increase over the past year.
In August 2024, the month-on-month inflation rate settled at 2.22%, slightly below July’s rate of 2.28%, according to the data provided.
This figure denotes a moderated pace in the rise of the average price level in comparison to the preceding month, showcasing a marginal decrease in the rate of inflation within the monthly timeframe.
