Inflation rate drops to 32.15%

By Paul Dada

The Nigerian headline inflation rate dropped to 32.15% in August. This is according to the National Bureau of Statistics.

In its latest report, the NBS said the August 2024 headline inflation rate showed a decrease of 1.25% points.

It said: “In August 2024, the headline inflation rate further eased to 32.15% relative to the July 2024 headline inflation rate of 33.40%. Looking at the movement, the August 2024 headline inflation rate showed a decrease of 1.25% points when compared to the July 2024 headline inflation rate.

“However, on a year-on-year basis, the headline inflation rate was 6.35% points higher compared to the rate recorded in August 2023 (25.80%).

“This shows that the headline inflation rate (year on-year basis) increased in August 2024 when compared to the same month in the preceding year (i.e., August 2023).

“Furthermore, on a month-on-month basis, the headline inflation rate in August 2024 was 2.22%, which was 0.06% lower than the rate recorded in August 2024 (2.28%).

“This means that in August 2024, the rate of increase in the average price level is lower than the rate of increase in the average price level in July 2024”.