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September 16, 2024
In August 2024, Nigeria’s headline inflation rate further eased to 32.15% relative to the July 2024 headline inflation rate of 33.40%, according to the National Bureau of Statistics (NBS).
“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%).
“This shows that the headline inflation rate (year on-year basis) increased in August 2024 when compared to the same month in the preceding year (i.e., August 2023).
“Furthermore, 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.
