In August 2024, Nigeria’s inflation rate decreased from 33.40 percent in July to 32.15 percent.
The National Bureau of Statistics (NBS) most recent Consumer Price Index and Inflation Data, which were made public on Monday, support this.
Based on the available statistics, headline inflation in the nation decreased by 1.25 percent in August as opposed to 33.40 percent in July.
In a similar vein, the data revealed that the food inflation rate decreased from 39.53 percent in July 2024 to 37.52 percent in August 2024.
NBS data indicates that this is the nation’s second straight month of declining inflation.
Even with the recent increase in gas pump prices, the inflation rate is declining.
Johnson Chukwu, the Managing Director of Cowry Asset Management, stated that the impact of the most recent changes in petroleum prices will be seen in the upcoming months in an interview with Channels Television on Monday.
The Monetary Policy Committee meeting of the Central Bank of Nigeria has been raising interest rates over the previous several months. The most recent occurred in July, when the percentage was 26.75%.
Nigerians haven’t stopped bemoaning the rise in the cost of goods and services, either.
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cc: Daily Post Ng
