Nigeria’s inflation rate dropped to 32.15% in August 2024, representing a decline in the figure for the second consecutive month. This is according to the new inflation rate released by the National Bureau of Statistics (NBS) in its Consumer Price Index Report for August 2024.
In the report, the inflation rate in August 2024 stood at 2.22%, slightly lower than July’s rate of 2.28%, indicating a slower pace in the hike of the average price level compared to the previous month.
Also, the report showed that inflation rate in August 2024 was 37.52% on a year-on-year basis. This was 8.18% points higher compared to the rate recorded in August 2023 (29.34%).
In addition, food inflation rose to 36.99%, an 11.98% increase compared to the figure recorded in August 2023. The rise in food inflation, according to reports, was caused by increases in prices of bread, maize, grains, guinea corn, bread, cereals yam, Irish potatoes, water yam, cassava tuber, palm oil, vegetable oil, among others.
The report also indicated States with the highest year-on-year food inflation rate for August 2024 with Sokoto listed as the highest on 46.98%. The lowest rate were recorded in Gombe (43.25%), Yobe (43.21%) Benue (32.33%), Rivers (33.01%) and Bayelsa (33.36%).
Meanwhile, Adamawa State recorded the highest food inflation rate on a month-on-month basis with 5.46%. Also, Kebbi recorded a rate of 4.48%, while Sokoto had 1.00% to rank as the lowest for August 2024.
