Nigeria’s inflation rate has declined for the second consecutive month, falling from 34.19% in June to 32.15% in August 2024, according to the National Bureau of Statistics (NBS). The August Consumer Price Index (CPI) report highlighted that headline inflation dropped by 1.25 percentage points compared to July 2024. However, on a year-on-year basis, inflation remained 6.35 percentage points higher than August 2023.
Food inflation also stood at 37.52% in August 2024, driven by price increases in essential items like bread, maize, yams, and vegetable oil. On a month-to-month basis, the food inflation rate slightly decreased by 0.10%, thanks to slower price hikes in products like milk, yam, and palm oil.
Sokoto, Gombe, and Yobe recorded the highest year-on-year food inflation, while Benue, Rivers, and Bayelsa experienced the slowest increases. The NBS attributed the decline in inflation to reduced price increases in specific goods, reflecting a slight easing of economic pressure.
