Inflation Eases for Second Consecutive Month as Nigeria's Headline Rate Drops to 32.15% in August 2024

Nigeria's headline inflation rate declined to 32.15% in August 2024, down from 33.40% in July, representing a reduction of 1.25 percentage points.

This marks the second straight month of inflation easing following a similar trend in the previous month.

According to the Consumer Price Index (CPI) report from the National Bureau of Statistics (NBS), inflation for August 2024 was 6.35 percentage points higher than the 25.80% recorded in August 2023, showing a notable increase over the past year.

On a month-to-month basis, inflation in August 2024 was 2.22%, slightly lower than July’s 2.28%, indicating a slower rise in average price levels compared to the previous month.

Food inflation

In August 2024, food inflation surged to 37.52% year-on-year, an increase of 8.18 percentage points compared to 29.34% in August 2023. On a monthly basis, food inflation registered at 2.37%, down by 0.10 percentage points from 2.47% in July 2024.

The average food inflation rate for the 12 months ending in August 2024 was 36.99%, which is an 11.98 percentage point jump from the 25.01% average recorded in August 2023.