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.
