The Consumer Price Index (CPI) report published by the National Bureau of Statistics (NBS) highlights that Nigeria’s headline inflation eased from 33.40% in July 2024, to 32.15% in August 2024.
This reflects a decrease of 1.25% points, marking the second consecutive monthly reduction in inflation following the ease recorded the previous month.
However, on a yearly basis, the inflation rate surged significantly, with August 2024’s inflation rate being 6.35% points higher than the 25.80% in August 2023.
On a month-to-month comparison, July 2024’s inflation rate of 2.28% was slightly higher than the 2.22% recorded in August 2024, indicating a slower pace in the increase of the average price level compared to the previous month.
Overall, the National Bureau of Statistics continues its efforts to ensure accurate documentation of statistics and figures, reflecting both the progress and challenges in Nigeria’s economic development.
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