The National Bureau of Statistics (NBS) announced that Nigeria’s inflation rate has dropped for two consecutive months, from 34.19% in June to 33.40% in July, and now 32.15% in August.  

According to the Consumer Price Index report released by the Bureau, the headline inflation rate eased to 32.15% in August 2024, while food inflation stood at 37.52% in the same month.

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,” the NBS stated.

“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%).

“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.”

The NBS said food inflation rate in August 2024 was 37.52% on a year-on-year basis.

It said the rise in food inflation on a year-on-year basis was caused by increases in prices of the following items, bread, maize, grains, guinea corn, bread, cereals yam, Irish potatoes, water yam, cassava tuber, palm oil, vegetable oil, among others.