Nigeria’s Inflation Rate Drops For Second Straight Month In August

Nigeria’s inflation rate dropped to 32.15 percent in August 2024, down from 33.40 percent in July, according to the latest Consumer Price Index and Inflation Data released by the National Bureau of Statistics (NBS) on Monday.

The report highlighted that headline inflation cooled by 1.25 percent in August compared to the previous month.

In addition to the overall inflation decline, the report also indicated a decrease in food inflation, which stood at 37.52 percent in August, down from 39.53 percent in July. This marks the second consecutive month of inflation reduction in the country.

Despite the inflation drop, the report noted that the recent increase in fuel prices has yet to fully impact inflation figures. During a Channels Television interview, Johnson Chukwu, Managing Director of Cowry Asset Management, stated that the effects of the recent petrol price adjustments are likely to be felt in the coming months.

Over the past several months, the Central Bank of Nigeria’s Monetary Policy Committee has continued to raise interest rates, with the latest hike in July bringing the rate to 26.75 percent.

However, Nigerians continue to express concerns over the rising cost of goods and services, despite the slight easing of inflation.