Nigeria’s Inflation Rate Drops to 32.15% in August

Nigeria’s headline inflation rate has decreased for the second consecutive month, easing to 32.15% in August 2024, down from 33.40% in July 2024.

According to the Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS), this represents a decrease of 1.25 percentage points.

Although the inflation rate has slowed down, it remains higher than the same period last year. In August 2023, the inflation rate was 25.80%, meaning there has been a 6.35 percentage point increase over the past year.

On a month-on-month basis, the inflation rate in August 2024 stood at 2.22%, slightly lower than July’s rate of 2.28%.

This indicates a slower pace in the increase of the average price level compared to the previous month.