Nigeria’s inflation rate has slowed down for the third consecutive month, according to the National Bureau of Statistics (NBS).
Gatekeepers News reports that the Consumer Price Index report released by the Bureau on Monday showed that the headline inflation rate eased to 32.15% in August 2024.
This represents a decrease from 33.40% in July and 34.19% in June. The food inflation rate also decreased to 37.52% in August, down from 38.14% in July.
“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.”
This is a developing story…
