Story Summary:
- Inflation Eases: Nigeria’s inflation rate fell to 32.15% in August 2024 from 33.40% in July, marking a 1.25% decrease in headline inflation.
- Food Inflation Declines: Food inflation dropped to 37.52% in August, down from 39.53% in July, showing a second consecutive month of inflation reduction.
Nigeria’s inflation rate eased to 32.15% in August 2024, down from 33.40% in July, according to the latest Consumer Price Index and Inflation Data released by the National Bureau of Statistics (NBS) on Monday.
The report reveals a 1.25% reduction in the country’s headline inflation rate compared to the previous month. Food inflation declined, falling to 37.52% in August from 39.53% in July.
This marks the second consecutive month of declining inflation, despite recent hikes in fuel pump prices. Johnson Chukwu, Managing Director of Cowry Asset Management, discussed the potential future impacts of these petrol price increases during an interview on Channels Television, indicating that their effects might become more pronounced in the coming months.
The Central Bank of Nigeria’s Monetary Policy Committee has continued to increase interest rates, with the latest adjustment raising the rate to 26.75% in July.
Amid these developments, Nigerians have expressed ongoing concerns over rising prices of goods and services.
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