Nigeria’s headline inflation rate slightly eased in August 2024, dropping to 32.15% from 33.40% in July, according to the National Bureau of Statistics (NBS). This marks the second consecutive month of inflation decline, signaling cautious optimism amidst persistent inflationary pressures.
Despite the slight decrease, inflation remains significantly higher than the 25.80% recorded in August 2023, representing a year-on-year increase of 6.35 percentage points. Month-on-month inflation stood at 2.22%, down from 2.28% in July, indicating a slower rate of price increases.
Food inflation, a key driver of the high rates, surged from 29.34% in August 2023 to 37.52% in August 2024. However, on a month-to-month basis, it dropped slightly to 2.37% from July’s 2.47%.
Core inflation, excluding volatile food and energy prices, also rose significantly to 27.58% year-on-year, up by 6.43 percentage points from August 2023. The NBS report highlighted notable price increases in areas such as rent, transportation, accommodation, and medical services.
Urban inflation reached 34.58% year-on-year, while rural inflation stood at 29.95%, both showing significant increases compared to the previous year. Month-on-month, urban inflation eased to 2.39%, while rural inflation slowed to 2.06%.
