Nigeria’s headline inflation rate decreased to 32.15 per cent in August 2024 despite the recent hikes in the pump prices of petrol nationwide, the latest data from the National Bureau of Statistics showed.
This figure represents a 1.25 percentage points decrease from the 33.4 per cent recorded in July 2024 and the second consecutive monthly slowdown in inflation after a persistent rise in nearly two years.
The NBS in its Consumer Price Index report posted on its website on Monday, said the drop also signals a slower pace in the increase of the average price level compared to the previous month.
The report read, “In August 2024, the headline inflation rate further eased to 32.15 per cent relative to the July 2024 headline inflation rate of 33.40 per cent. Looking at the movement, the August 2024 headline inflation rate showed a decrease of 1.25 percentage points when compared to the July 2024 headline inflation rate.”
Inflation indicators measure the price changes of goods and services over 12 months. However, a decline in these indicators does not necessarily mean prices are dropping, but rather that the rate of price increase has slowed compared to previous months.
