Nigeria’s headline inflation rate has dropped to 33.2% in August 2024, indicating a 1.25% decrease from the 33.4% recorded in July 2024.
This represents the second consecutive monthly slowdown in inflation rate, according to the National Bureau of Statistics (NBS).
The NBS report highlights a slower pace in the increase of the average price level compared to the previous month.
“In August 2024, the headline inflation rate further eased to 32.15% relative to the July 2024 headline inflation rate of 33.40%,” the report stated.
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On a year-on-year basis, the August 2024 inflation rate was 6.35 percentage points higher than the 25.80% rate recorded in August 2023, indicating a significant increase over the past year.
The report also showed that food inflation was 37.52% in August 2024, while month-on-month headline inflation was 2.22%. “Month-on-month headline inflation was 2.22%. Food inflation was 37.52% in August 2024,” the report added.
Despite expectations of a hike in inflation rate due to the recent increase in petrol price, the NBS report indicates a slower pace in the increase of the average price level compared to the previous month.
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This development is a welcome news for Nigerians who have been grappling with the high cost of living in the country. However, experts say it’s too early to celebrate, as the inflation rate is still high and the economy is yet to fully recover from the impact of the COVID-19 pandemic.
“Inflation rate is still high, and we need to be cautious in our celebration. We need to continue to monitor the trend and ensure that the economy is on the path of sustainable growth,” said an economic analyst.
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