Nigeria’s inflation rate eases to 32.15% – NBS

The National Bureau of Statistics (NBS) has revealed that Nigeria’s headline inflation rate decreased to 32.15% in August 2024, down from the 33.40% recorded in July 2024.

This marks a 1.25% point decline in inflation compared to the previous month.

However, on a year-on-year basis, the inflation rate was 6.35% points higher than the 25.80% recorded in August 2023, indicating that prices have risen significantly over the past year. On a month-on-month basis, the inflation rate in August was 2.22%, slightly lower than July’s rate of 2.28%.

The NBS report highlighted that the average Consumer Price Index (CPI) for the 12-month period ending August 2024 was 31.26%, an 8.88% increase from the 22.38% recorded in August 2023.

Urban and Rural Inflation

Urban inflation in August 2024 stood at 34.58% on a year-on-year basis, up 6.89% from the 27.69% recorded in August 2023. On a month-on-month basis, urban inflation dropped slightly to 2.39% from 2.46% in July 2024.

In rural areas, the inflation rate was 29.95% year-on-year in August 2024, a 5.85% increase from August 2023’s 24.10%. The month-on-month rural inflation rate fell to 2.06% in August 2024, compared to 2.10% in July.

Food Inflation

The food inflation rate surged to 37.52% year-on-year in August 2024, driven by rising prices of bread, maize grains, yam, palm oil, and beverages like tea and coffee. However, on a month-on-month basis, food inflation eased slightly to 2.37%, down from 2.47% in July 2024.

The average annual rate of food inflation for the 12-month period ending August 2024 was 36.99%, marking a sharp increase from 25.01% recorded in the same period last year.

State-by-State Breakdown

Bauchi, Kebbi, and Jigawa recorded the highest inflation rates in August 2024, with Bauchi leading at 46.46%. In contrast, Benue, Delta, and Imo had the slowest inflation rise, with Benue recording the lowest at 25.13%.