The National Bureau of Statistics (NBS) has said that Nigeria’s headline inflation rate eased to 32.15% in August from 33.40% in July, 2024.
The NBS said in the Consumer Price Index (CPI), which measures inflation, that the inflation rate dropped for two consecutive months, from 34.19% in June to 33.40% in July and 32.15%.
According to the statement released by the NBS on Monday in Abuja, the food inflation stood at 37.52% in August.
“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 of 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 statement said.
The NBS said that food inflation rate in August 2024 was 37.52% on a year-on-year basis, which was 8.18% points higher compared to the rate recorded in August 2023 of 29.34%.
It said the rise in food inflation on a year-on-year basis was caused by increases in prices of such items as bread, maize, grains, guinea corn, bread, cereals yam, Irish potatoes, water yam, cassava tuber, palm oil, vegetable oil, among others.
On a month-on-month basis, the food inflation rate in August 2024 was 2.37% which showed a 0.10% decrease compared to the rate recorded in July 2024 (2.47%).
The NBS attributed the fall to the decline in the rate of increase in the average prices of Tobacco, Tea, Coco, Coffee, Groundnut Oil, Milk, Yam, Irish Potatoes, Water Yam, Cassava Tuber, Palm Oil, Vegetable etc.
On Urban Inflation, the NBS said that on a year-on-year basis, August 2024 Urban inflation rate was 34.58%, this was 6.89% points higher compared to the 27.69% recorded in August 2023.
On a month-on-month basis, the urban inflation rate was 2.39% in August 2024, representing 0.07% points lower compared to July 2024 (2.46%).
The rural inflation rate in August 2024 was 29.95% on a year-on-year basis, representing 5.85% higher compared to the 24.10% recorded in August 2023.
GIK/APA