The National Bureau of Statistics (NBS) has reported a decline in Nigeria’s headline inflation rate to 32.15% for August 2024. This represents a decrease of 1.25 percentage points from the 33.40% recorded in July 2024.
The August 2024 inflation rate represents a 6.35% increase from the 25.80% recorded in August 2023. On a month-to-month basis, inflation slowed to 2.22% from 2.28% in July.
The report attributes the year-on-year and month-on-month inflation increases to rising costs in various sectors, including food, housing, utilities, and transportation. Specific areas experiencing price hikes include food items such as bread, maize, and oil, as well as services related to accommodation and medical care.
Food inflation saw a year-on-year increase to 37.52%, driven by higher prices for staple items. However, month-on-month food inflation dropped slightly to 2.37%. Core inflation, excluding volatile agricultural produce and energy, stood at 27.58% year-on-year, up from 21.15% a year prior.
“This indicates an 8.88 per cent increase compared to 22.38 per cent recorded in August 2023.”
The report shows that the food inflation rate in August 2024 increased to 37.52 per cent on a year-on-year basis, which was 8.18 per cent higher compared to the rate recorded in August 2023 at 29.34 per cent.
“The rise in food inflation on a year-on-year basis is caused by increases in prices of bread, maize, grains, guinea corn, yam, Irish potatoes, water yam, and cassava tuber... Others are palm oil, vegetable oil, Ovaltine, Milo, Lipton, etc.”
Urban inflation reached 34.58% in August, up from 27.69% in August 2023, while rural inflation climbed to 29.95%, up from 24.10% the previous year. The report highlights that the 12-month average inflation rate was 25.18%, reflecting a significant rise from 19.18% recorded in August 2023.
Overall, the data underscores persistent inflationary pressures despite a slight easing in the overall rate.
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