Nigeria’s inflation rate has decelerated for two consecutive months, from 34.19% in June to 33.40% in July, and now 32.15% in August, the National Bureau of Statistics (NBS) said Monday.
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, which was 8.18% points higher compared to the rate recorded in August 2023 (29.34%).
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.
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 said the fall could be attributed 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.
In August 2024, food inflation on a Year-on-Year basis was highest in Sokoto (46.98%), Gombe (43.25%), and Yobe (43.21%) while Benue (32.33%), Rivers (33.01%) and Bayelsa (33.36%), recorded the slowest rise in Food inflation on Year-on-Year basis.
On a Month -on-Month basis, however, August 2024 Food inflation was highest in Adamawa (5.46%), Kebbi (4.48%), and Borno (3.88%), while Ogun (0.08%), Akwa-Ibom (0.45%) and Sokoto (1.00%) recorded the slowest rise in Food inflation on Month-on-Month basis.
