Nigeria’s inflation rate has decelerated for the second straight month, dropping from 34.19% in June to 32.15% in August, according to the National Bureau of Statistics (NBS). The Consumer Price Index (CPI) report revealed that headline inflation eased to 32.15%, while food inflation stood at 37.52% in August 2024.
The NBS highlighted a decrease of 1.25 percentage points from the July inflation rate of 33.40%. However, compared to August 2023, the inflation rate was still 6.35 percentage points higher, indicating persistent inflationary pressures. On a month-to-month basis, the inflation rate in August was 2.22%, a slight decline from 2.28% in July.
Food inflation remains a major concern, with prices rising by 37.52% year-on-year, driven by the increasing costs of essential food items such as bread, maize, cereals, yam, potatoes, and vegetable oils. The food inflation rate was highest in Sokoto (46.98%), Gombe (43.25%), and Yobe (43.21%), while states like Benue (32.33%), Rivers (33.01%), and Bayelsa (33.36%) recorded the slowest increases.
The report also noted a marginal month-on-month decline in food inflation to 2.37% from 2.47% in July, attributed to price reductions in items like tobacco, tea, coffee, and yams. Despite this slight reprieve, food inflation continues to pose challenges across the country, with the highest month-on-month increases in Adamawa (5.46%), Kebbi (4.48%), and Borno (3.88%).
