Nigeria’s Inflation Rate Drops For Second Straight Month, Now at 32.15% – NBS

Nigeria’s inflation rate slowed for the second consecutive month, easing to 32.15% in August 2024, down from 33.40% in July, according to the latest Consumer Price Index (CPI) report from the National Bureau of Statistics (NBS).

The 1.25 percentage point drop signals a continued deceleration in inflation after last month’s decline.

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However, on a year-on-year basis, the August 2024 figure remains 6.35 percentage points higher than the 25.80% recorded in August 2023, highlighting a sharp rise over the past year.

On a month-to-month basis, inflation in August was recorded at 2.22%, slightly below July’s 2.28%, reflecting a slower pace of price increases.