Nigeria’s headline inflation rate dropped to 32.15% in August 2024, a slight decrease from the 33.4% recorded in July 2024, according to the latest Consumer Price Index (CPI) report by the National Bureau of Statistics (NBS).
This marks the second consecutive monthly slowdown in inflation after nearly two years of rising prices, offering a glimmer of relief despite the ongoing hikes in petrol pump prices nationwide.
The report, published on the NBS website on Monday, indicates a 1.25 percentage point decrease in the inflation rate compared to July. While inflation remains high, the slower pace of price increases signals a potential easing of the inflationary pressures that have gripped the Nigerian economy.
“In August 2024, the headline inflation rate further eased to 32.15% relative to the July 2024 headline inflation rate of 33.40%.
Looking at the movement, the August 2024 headline inflation rate showed a decrease of 1.25 percentage points when compared to the July 2024 headline inflation rate,” the NBS report stated.
Inflation indicators typically measure the price changes of goods and services over a 12-month period. Although the current decline does not imply that prices are falling, it suggests that the pace at which prices are increasing has slowed.
Economists and policymakers continue to monitor the effects of rising fuel prices and other economic factors on the inflation rate, as Nigeria seeks to stabilize its economy.
