Nigeria’s inflation rate experienced a second consecutive monthly decline in August 2024, providing some respite to consumers grappling with rising prices. According to the National Bureau of Statistics (NBS), the headline inflation rate dipped to 32.15% in August from 33.4% in July.
The NBS attributed the slowdown to a decrease in the average price level compared to the previous month. This marks a positive trend after a period of sustained inflationary pressures.
While the year-on-year inflation rate for August 2024 was still significantly higher than the previous year’s figure, the month-on-month rate showed a slight improvement.
Food inflation, a major concern for many Nigerians, remained elevated at 37.52% in August.
The news of easing inflation comes amid concerns about the impact of recent fuel price increases on consumer prices. Despite these concerns, the data suggests that the overall inflationary trend may be starting to stabilise.