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Home Business & Finance

Nigeria’s Inflation Rate Sees Second Consecutive Decline, Drops to 32.15% in August

Nnaemeka OkwarabyNnaemeka Okwara
September 16, 2024
in Business & Finance
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Nigeria’s Inflation Rate Sees Second Consecutive Decline, Drops to 32.15% in August
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The National Bureau of Statistics (NBS) has said that Nigeria’s inflation rate stood at 32.15% in August, a second consecutive decline for the year 2024.

According to an NBS Consumer Price Index report for August, which was released on Monday, inflation dropped by 2.22% compared to the 33.4% recorded in July 2024.

The CPI, which takes notice of the speed at which prices of goods and services are changing, saw a decline of 1.25% when compared to headline inflation rates for July 2024. On the other hand, food inflation dropped to 37.52% in August, as a result of slowing down prices of main foods and non-alcoholic beverages.

The fact that this reduction has taken place symbolizes a good development in Nigeria’s economy. The National Bureau of Statistics attributed this decrease to the slowing down of prices of major food and non-alcoholic beverages.

Tags: Drops to 32.15% in Augustfederal characterFinanceinflationNewsNigeriaNigeria's Inflation Rate Sees Second Consecutive Decline
Nnaemeka Okwara

Nnaemeka Okwara

Okwara Nnaemeka Emmanuel is a skilled wordsmith, passionate blogger, and content writer with a degree in Media Content, He has made a significant mark in the industry. He also holds certification in Marketing and advertising. He has honed a unique blend of creativity and strategic thinking.Driven by a belief in the power of creativity, He has established a niche for himself in diverse regions, leaving a trail of successful projects and satisfied clients. His ability to craft compelling narratives and engage audiences sets him apart in the competitive world of content creation.As a dedicated professional, He continues to push boundaries and set new landmarks in their field. Whether it's through captivating blog posts, persuasive copywriting, or innovative content strategies, Nnaemeka’s consistently delivers excellence, leaving a long lasting impact

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