Despite the continuous rise in commodity prices across Nigeria, the National Bureau of Statistics (NBS) has reported that the headline inflation rate eased to 32.15% in August 2024, down from 33.40% in July 2024.
This represents a 1.25 percentage point decrease in inflation at a time when the country is dealing with high food prices, exchange rate fluctuations, and disruptions in the food supply chain caused by insecurity.
However, on a year-on-year basis, the headline inflation rate for August 2024 was 6.35 percentage points higher than the 25.80% recorded in August 2023. The NBS highlighted that this indicates a significant increase in inflation compared to the same month the previous year.
On a month-to-month basis, the inflation rate in August 2024 was 2.22%, a slight decrease from the 2.28% recorded in July 2024. This suggests that the pace of price increases slowed slightly compared to the previous month.
The report comes amid concerns over the rising cost of living in Nigeria, which has been exacerbated by a 354% increase in gasoline prices. Despite the slight easing of inflation, Nigerians continue to face challenges as the cost of essential goods and services remains high.
