Nigeria’s headline inflation rate decreased to 32.15% in August 2024, down from 33.40% in July, according to the Consumer Price Index report by the National Bureau of Statistics.
This marks the second consecutive month of easing inflation.
Despite this monthly decline, the August 2024 rate remains 6.35 percentage points higher than the 25.80% recorded in August 2023, reflecting a significant year-on-year increase.
On a month-on-month basis, inflation for August 2024 was 2.22%, slightly lower than July’s 2.28%, indicating a slower rise in average price levels.
More to come…
