Nigeria’s inflation rate eased to 32.15% in August 2024, down from 33.40% in July, according to the latest Consumer Price Index (CPI) report by the National Bureau of Statistics (NBS).
This decrease of 1.25 percentage points marks the second consecutive month of declining inflation, indicating a gradual relief from the country’s persistent inflationary pressures.
The NBS shared the update on its social media platform X (formerly Twitter), stating, “In August 2024, the headline inflation rate further eased to 32.15% relative to the July 2024 headline inflation rate of 33.40%. Month-on-Month headline inflation was 2.22%. Food inflation was 37.52% in August 2024.”
Despite this month-on-month improvement, the year-on-year figures reveal a different trend.
The August 2024 inflation rate is 6.35 percentage points higher than the 25.80% recorded in August 2023, underscoring a significant rise in price levels over the past year.
In its report released on Monday, the NBS highlighted, “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).”
On a monthly basis, the inflation rate for August 2024 was recorded at 2.22%, a slight decrease from the 2.28% seen in July 2024. This marginal decline suggests that while inflationary pressures remain, the pace of price increases is beginning to ease.
The NBS explained, “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.” However, the high cost of living in Nigeria continues to be a concern, exacerbated by an extraordinary 354% increase in gasoline prices. This significant surge in fuel costs contributes heavily to the ongoing economic challenges faced by the country.
