There have appeared a light at the end of the economic tunnel as Nigeria’s headline inflation rate dropped to 33.2% for the month of August 2024. This is according to the latest data from the National Bureau of Statistics, NBS.
According to the report, the drop represents a 1.25% percentage point decrease from the 33.4 per cent recorded in July 2024. The drop also represented the second consecutive monthly slowdown in inflation after easing in the previous month.
This was revealed in the NBS Consumer Price Index report posted on its website on Monday. The report showed a slower pace in the increase of the average price level compared to the previous month.
The report read, “In August 2024, the headline inflation rate further eased to 32.15 per cent from 33.2%. Relative to the July 2024 headline inflation rate of 33.40 per cent.”
“On a year-on-year basis, the August 2024 inflation rate was 6.35 percentage points higher than the 25.80 per cent rate recorded in August 2023. Indicating a significant increase over the past year.
“On a month-on-month basis, the inflation rate in August 2024 stood at 2.22 per cent. This is slightly lower than July’s rate of 2.28 per cent. Signaling a slower pace in the increase of the average price level compared to the previous month.
The report added that Food inflation was 37.52 per cent in August 2024. While Month-on-Month headline inflation was 2.22 per cent.
“Month-on-month headline inflation was 2.22%. Food inflation was 37.52% in August 2024,” it said.
The downward trend of the inflation is in spite of the recent hike in the pump price of petrol in the country.
source: PUNCH
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