Nigeria’s Inflation Rate Slowed To 32.15% In August — NBS

Nigeria’s inflation rate has decelerated for two consecutive months, from 34.19% in June to 33.40% in July, and now 32.15% in August, the National Bureau of Statistics (NBS) said Monday.

According to the Consumer Price Index report released by the Bureau, the headline inflation rate eased to 32.15% in August 2024, while food inflation stood at 37.52% in the same month.

“Looking at the movement, the August 2024 headline inflation rate showed a decrease of 1.25% points when compared to the July 2024 headline inflation rate,” the NBS stated.

“However, on a year-on-year basis, the headline inflation rate was 6.35% points higher compared to the rate recorded in August 2023 (25.80%).

“This shows that the headline inflation rate (year on-year basis) increased in August 2024 when compared to the same month in the preceding year (i.e., August 2023).

“Furthermore, on a month-on-month basis, the headline inflation rate in August 2024 was 2.22%, which was 0.06% lower than the rate recorded in August 2024 (2.28%). This means that in August 2024, the rate of increase in the average price level is lower than the rate of increase in the average price level in July 2024.”


Send your articles for Publication to our email: lawblogng@gmail.com


Get Updates, Click Below to Join Our WhatsApp Group

https://chat.whatsapp.com/JZCd5y9wi671hwdcKkKXoQ

Join Our Telegram Channel

https://t.me/lawblogngNews

Follow our WhatsApp Channel

https://whatsapp.com/channel/0029VaAvAdK002TAvmadz03M

Leave a Reply

Your email address will not be published. Required fields are marked *