Nigeria’s inflation rate has eased for the second consecutive month, declining from 34.19% in June to 33.40% in July, and now to 32.15% in August, according to the National Bureau of Statistics (NBS) on Monday.
In its Consumer Price Index report, the NBS noted a decrease of 1.25% in the headline inflation rate for August compared to July 2024. However, on a year-on-year basis, the rate was 6.35% higher than the 25.80% recorded in August 2023.
“On a month-on-month basis, the headline inflation rate in August 2024 was 2.22%, slightly lower than the 2.28% recorded in July,” the report stated.
Food inflation stood at 37.52% in August 2024, with year-on-year figures showing an 8.18% increase from the 29.34% recorded in August 2023. The surge was primarily driven by price hikes in essential food items, including bread, cereals, maize, yam, cassava, palm oil, and vegetable oil.
However, food inflation on a month-on-month basis dropped to 2.37% in August, down from 2.47% in July. The report attributed the decline to reduced price increases in products like tobacco, coffee, groundnut oil, milk, and certain tubers.
Sokoto (46.98%), Gombe (43.25%), and Yobe (43.21%) experienced the highest year-on-year food inflation, while Benue (32.33%), Rivers (33.01%), and Bayelsa (33.36%) recorded the lowest. Month-on-month, Adamawa (5.46%), Kebbi (4.48%), and Borno (3.88%) saw the highest food inflation, while Ogun (0.08%), Akwa Ibom (0.45%), and Sokoto (1.00%) experienced the smallest increases.
The gradual easing of inflation comes amidst ongoing efforts by the Nigerian government to stabilize the economy, although challenges remain, particularly with food prices across different regions.