Nigeria’s headline inflation rate dropped to 32.15 per cent for the month of August 2024.
The National Bureau of Statistics (NBS) has said that Nigeria’s headline inflation rate for September 2024 rose to 32.7 per cent after slowing consecutively in July and August.
Nigeria’s headline inflation rate dropped to 32.15 per cent for the month of August 2024.
This represents a 1.25% percentage point decrease from the 33.4 per cent recorded in July 2024 and the second consecutive monthly slowdown in inflation after easing in the previous month.
However, NBS in its latest Consumer Price Index report released on Tuesday, noted that it is a marginal increase of 0.55 per cent from the August 2024 figure of 32.15 per cent, reflecting ongoing price pressures across the country.
Year-on-year, inflation has surged by 5.98 percentage points compared to the 26.72 per cent recorded in September 2023.
The report read, “In September 2024, the Headline inflation rate was 32.70% relative to the August 2024 headline inflation rate of 32.15%. Looking at the movement, the September 2024 Headline inflation rate showed an increase of 0.55% compared to the August 2024 Headline inflation rate.
“On a year-on-year basis, the Headline inflation rate was 5.98% points higher compared to the rate recorded in September 2023 (26.72%). This shows that the Headline inflation rate (year-onyear basis) increased in September 2024 when compared to the year-on yearin the preceding year (i.e., September 2023).
“Furthermore, on a month-on-month basis, the Headline inflation rate in September 2024 was 2.52%, which was 0.30% higher than the rate recorded in August 2024 (2.22%). This means that in September 2024, the rate of increase in the average price level is higher than the rate of increase in the average price level in August 2024.”